Lately, when I look at projects, am I taking things seriously? I actually started by reviewing the treasury expenditures: where the money is spent, how often, and whether they keep lumping everything into categories like "market/BD/consultants." The milestones are the same—saying they need to do xxx, but after several months, there’s little new interaction on-chain, and net inflows haven’t improved; trading volume is mostly driven by emotions, which probably just means they’re busy talking. Conversely, I’m more willing to move projects from the "spectator list" to the "monitor list" if their spending rhythm is stable, and expenses for development, audits, and infrastructure align with product updates. Recently, I heard that a certain region is tightening and loosening regulations on taxes and compliance, and as the expectations for deposits and withdrawals change, projects are more likely to blame "external reasons." I want to see whether their books and deliverables actually have solid substance… Forget it, I’ll keep my position empty.