Recently, I’ve been judging whether a project is genuinely working hard, rather than just looking at slogans. I focus on two things: how the treasury funds are spent and how milestones are fulfilled. To put it simply, I want to see if the money spent can leave traces on the blockchain (development, audits, infrastructure, the rhythm of incentive distribution), and whether they deliver according to plan, whether delays are explained, and not just brush off key milestones with “ecosystem cooperation.”

Not long ago, I also followed an account that kept touting the benefits of re-staking and shared security, claiming it stacks up profits. It looked pretty lively; but when I checked the treasury expenses, it was mostly transfers back and forth, with incentives like stacking dolls, and milestones constantly pushed to “next week’s launch”… I quietly unfollowed. Maybe I’m slow to warm up; I prefer to follow the evidence chain, put the hype aside for now, and just stick to this approach.