I look at whether the project is actually doing work, rather than just how beautifully the roadmap is written. First, I check how the treasury is being spent: Are the expenses broken down into individual, reconcilable transactions? Is there a regular timeline? After spending, are there corresponding delivery traces (such as code commits, small product tweaks, governance execution, community Q&A)? The worst are those where “milestones” are always pushed to the next quarter, while the treasury is like a leaky bucket, constantly shifting addresses, eventually ending up in a few fixed wallets, and the explanation is just “ecosystem development.”

Recently, everyone has been interpreting ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls together. Frankly, macro factors do influence sentiment, but they can’t explain why your project’s treasury is becoming more muddled as it spends more, or why the deliverables are increasingly vague. Anyway, I care more now about whether each dollar spent can show me some verifiable progress. Otherwise, no matter how much narrative there is, it’s just bubbles underwater… It’s a bit annoying, but I can only keep watching the chain slowly.