Recently staying up late reviewing the treasury expenditure reports of several projects. Honestly, it reveals more about whether they are actually working than reading the whitepaper. Where is the money spent: continuously paying for development, security audits, nodes/infrastructure, or a large "market partnership" burst and then people disappear... I have a rough idea. Also, milestones shouldn't just say "Q3 launch," I care more about whether the spending rhythm matches: hiring first and then delivering, or making promises first and then seeking funding. By the way, these days everyone is complaining about validator income, MEV, and unfair ordering. If a project really wants to get things done, at least they should include these external costs and user experience in their roadmap, or it's just unreasonable for retail investors to keep tolerating. I myself have tightened my stop-loss orders now, not afraid of volatility, but of discovering they actually don’t plan to do this seriously... As for how you view signals like "treasury + milestones," I’m still exploring.