I look at whether the project is serious about doing things; anyway, I don't really trust the milestones in the PPT. First, I want to see how the treasury funds are spent. It's not about spending less; the key is to spend in a way that "looks like progress": tangible expenses like development, auditing, infrastructure, with a steady pace. Don’t suddenly flood the market and then run out of funds. Also, don’t just write "ecological prosperity" as a milestone; it’s better to match it with specific deliverables, such as versions, module launches, how risk parameters are adjusted, and how to review after incidents.

Recently, Layer2 projects are arguing over TPS, fees, and subsidies. It looks a bit like dough rising too fast… lively but not necessarily solid. If we really compare, it depends on how long the treasury can sustain after subsidies fade, whether the liquidation chain is tight, and if the interest rate curve is artificially pulled into a false prosperity. Let’s watch slowly, don’t get caught up in the hype.