Lately, when I look at projects, I wonder if they're really working hard. I find myself more focused on how the treasury is spending: where the money is flowing, whether the pace is steady, and if milestones are being unlocked step by step. Honestly, I don't understand the development progress in great detail, but whether there’s a corresponding delivery or receipt after each expenditure is quite honest. For those who shout about vision while the treasury opens the floodgates and accounts become a mess, no matter how attractive the K-line is, I’d still be trembling.

I also take a quick look at how they respond to compliance trends. Recently, some places have tightened or loosened tax and deposit/withdrawal policies, and community sentiment immediately shifts: some panic and withdraw, others bet on easing. If the project team only knows how to pretend to be dead or just issue a quick notice to muddle through, I basically see it as “living off the market conditions.”

But sometimes I get pretty annoyed too… Even when the milestones are beautifully written and on-chain expenses match up, a long shadow candle in the market can completely shatter all rationality. I’m the same—stop-loss is set, but I want to recover the losses, write a bunch of post-mortems, and the next candle still makes my heart race. Anyway, I’ll first put my money with those who can clearly explain their accounts, and the rest I’ll leave to the shadow candle to teach me.