Recently, when looking at DAOs, I basically ignore the vision and directly compare the treasury expenditures with the milestone table. After the money is spent, are there deliverables, PRs/code/documents/audit reports—things that can be concretely implemented? Have the timelines been changed repeatedly, and if so, are there explanations and responsible persons? Frankly, it all comes down to "who took the money, what did they do, and who will verify next." Over on Layer 2, people are arguing daily about TPS, fees, and ecosystem subsidies. I'm actually more concerned about how the subsidies are spent: are they for boosting metrics, paying KOLs, or for developer time, security, and operations? If the project team is genuinely working, the treasury flow usually isn't something to fear. But if they only fear scrutiny, they'll just prolong voting and write milestones as "continuous progress." I silently oppose that—let's just leave it at that for now.