I'm now checking whether the project is seriously working on things, rather than just looking at trending topics and arguments. First, I look into the treasury expenditures: where the money is spent, who is receiving it, whether it is unlocked in segments according to milestones, not a one-time "big package." The worst are those with beautifully written budgets, but all expenses are long-term consulting fees + vague "market cooperation," and it's unclear where the deliverables are.

Recently, everyone has been fixated on pledge unlocks and token unlock schedules, and I understand the anxiety about selling pressure... But honestly, unlocks are just timing points. What truly reassures me is whether the project team can turn milestones into verifiable deliverables (code, audits, parameter adjustment records, back-and-forth governance proposals). I need to be reminded not to get caught up in the rhythm of "it's almost unlocked," but to focus on the details: whether the money has been spent to generate output, and whether the risk boundaries have been crossed. That's all for now.