I now look at whether the project team is "actually working" and generally don't pay attention to the pitch sessions. First, I review the treasury expenditures: where the money is spent and whether the spending is coherent. I'm most afraid of those who today throw a bunch of funds into the market and tomorrow switch narratives, with wallet addresses showing a string of new signatures—looks like a last-minute decision. Conversely, I prefer a steady rhythm of development, audits, and infrastructure costs, with occasional large expenses that align with milestones (such as outsourcing or security patching before and after launch). I’m more willing to be patient with this kind of spending.

The recent collapse of blockchain games also acts like a mirror: once inflation is unleashed and studios enter the scene, the treasury starts treating "subsidies to boost activity" as a cure-all. In the end, the coin price spirals downward, and everyone’s performance becomes unsustainable. Honestly, a treasury isn’t better just because it’s more lively; it depends on whether the spending can bring sustainable value. I’m just a lone wolf—less fantasy, more watching on-chain flows. That’s all for now.