I'm now looking at whether the project is working seriously, and I'm not paying much attention to their proclaimed vision. Mainly, I focus on how the treasury funds are spent, and whether there are corresponding milestones after the funds are used. For example, is monthly expenditure stable, and who is it spent on (development/auditing/infrastructure)? Can it match the update rhythm? I'm most worried about those who say they want to boost the ecosystem but their spending is all on marketing, KOLs, and various "partnerships," with no progress in the codebase for a long time.

Recently, new L1/L2 projects are issuing incentives to attract TVL, and old users complain about "mining, selling," which I can also understand... To put it simply, incentives are not inherently bad, but after the treasury funds are spent, whether they focus on retention, product development, and risk control is what makes the difference. I admit, I also envy others who got a big wave early on, but when I think about it, projects that spend money recklessly are better off running early to save themselves trouble. That's all for now; I will keep observing.