Lately, when I look at whether a project is actually working seriously, I tend to check the treasury expenditures and milestones to see if they match. It's not about how much money was spent, but whether there are "reviewable results" after the money is spent: for example, whether the monthly deliverables are getting more substantial, whether the budget is tightening, and how many impulsive changes in direction there are.

On-chain data tools and tagging systems have been criticized for lagging behind and possibly misleading, and I can understand that... So I don't really trust a single dashboard anymore; I prefer to look at multiple clues: proposal records, development progress, treasury flows, and whether community feedback is consistent. Honestly, whether the project team is serious or not, it can't be hidden.

What I don't regret is making "smoothing the curve" my top priority. I'd rather earn less than chase after emotional swings; when I see the treasury spending chaotically, I just spread out my orders a bit and lighten my inventory—just like that for now.