To see if the project team is serious about their work, I instead focus on how the treasury is being spent: it's not about spending less, but about spending "correctly." As long as the fund flow before and after milestones aligns with the actions—like hiring, auditing, refining documents and tools, then expanding the market—that's fine; if they haven't delivered anything but are just releasing a bunch of partnership posters, KOLs, and conference expenses, I basically have my doubts.

Recently, with testnet incentives and points, everyone is guessing whether the mainnet will issue tokens... Honestly, whether they issue tokens or not doesn't bother me much; I'm more concerned about whether they treat incentives as a short-term hype or if they can settle down and produce verifiable milestones. Anyway, as a lone wolf like me, I prefer to go slow, watch a few times to see if their promises can be delivered on time, and it's pretty comfortable not to move at all.