I’m currently checking whether the project team is actually doing serious work—rather than looking too much at something like a “Milestone PPT.” What I care about more is how the treasury money is spent: is it being paid out continuously and on a steady rhythm in practical areas like development, auditing, and operations, or do they just drop a large “cooperation fee” or “marketing fee” every now and then and then there’s no follow-up? To put it simply, the more the money is spent like a normal company, the more reassured I feel.

Recently, there’s been a lot of lively back-and-forth about L2’s TPS, fees, and subsidies, but what matters to me more is this: after the subsidies are burned through, can the treasury still hold up for two or three version iterations? Milestones aren’t something you just call out—they should match payment records and the delivery cadence. Anyway, I’m not big on risk. I’d rather earn a little less than wake up in the middle of the night from worry.

I don’t need to be understood either… I’ll do things in a way that lets me sleep well. If I feel something’s off, I’ll pull out. If I feel it’s solid, I’ll slowly start putting some stablecoins in first.