Lately, when I see projects, I wonder if they are really working hard. I first check the treasury expenditures: where the money is spent, whether the pace is steady, and if the milestones are on track. It’s not that spending less is good; some teams should hire auditors when needed, and should allocate more to development. But those who do “all-around operations,” switching between sponsorships and merchandise, make me a bit cautious… To put it simply, milestones are for reconciliation, not for making empty promises.

In the past two days, after the upgrade/maintenance of that mainstream public chain, everyone in the group was guessing whether the ecosystem would migrate. I casually looked at a few projects: if they are really moving, there should be a trail of “migration costs / cross-chain / security review” expenses in the treasury beforehand; those who only talk but don’t act usually only have social media overtime expenses (exaggerated, but you get the point).

I personally trust data more because intuition can be easily swayed by emotions; but data can also be deceptive, so I will wait for their next update and publicly write down whether my current judgment is right or wrong, to avoid fooling myself into thinking I didn’t see anything.