Lately, when I see whether the project is seriously working, I don't just look at how beautiful the PPT is; I focus on two things: where the treasury funds are going and whether the milestones are being achieved on time. If the money is always allocated to big categories like "market cooperation" or "ecosystem incentives," spent quite actively but there's little movement on the chain, I instinctively dial down the enthusiasm a bit; on the other hand, expenses like development, auditing, and infrastructure are steady, updates are progressing on schedule, even if slow, I feel more at ease.

These past couple of days, everyone has been talking about rate cut expectations and the US dollar index, and as a result, risk assets rise and fall together. Basically, when the external water temperature changes, project teams find it easier to "tell stories" to support the scene. So I’ve also experienced that kind of situation—paying close attention to updates, only to find milestones repeatedly delayed and treasury spending becoming more scattered… I silently unfollowed them; if the tea has cooled, there's no need to force it. Now I prefer mid-term + grid strategies, keeping only what I can understand in terms of rhythm.