I'm not very good at telling grand vision stories, but whether the project team is serious about their work, I actually prefer to focus on how the treasury is being spent. To put it simply, it's not about how much is spent, but whether the expenses are tied to milestones: first deliver verifiable items (code, parameter changes, reproducible data), then unlock the next tranche; ideally with failure conditions, so it automatically stops if not achieved. Those one-time large disbursements, followed by a few weekly report screenshots, I usually just ignore...

Another detail: milestones shouldn't all be "market cooperation/brand exposure," as those are hard to verify; what's most concrete is leaving traces on the chain. Recently, the NFT royalty debate has been intense, but it's fundamentally about incentive boundaries: relying on moral appeals is less effective than mechanism constraints. Anyway, I prefer to support a treasury that spends money slowly and writes clear rules, even if the progress doesn't look as lively.