Right now, I’m checking whether the project team is actually working, rather than looking at the K-line first. I focus on the treasury expenditures and milestones to see if they match: where is the money going, is it for ongoing salaries and audits, or just sporadic “ecosystem incentives” with no follow-up. The worst are those roadmaps that look full, but on-chain you only see constant multi-signature changes and transfers, like running in place.

Recently, the set of pledge and shared security has been criticized as a “copycat,” which I can understand… The idea of stacking yields sounds appealing, but if the main part of the treasury is just subsidizing interest, relying on subsidies to maintain hype, then I default to thinking they’re using tomorrow’s money to buy today’s narrative. Honestly, even if the milestones are a bit smaller, as long as they’re delivered on time and the expenses are clear, I’d prefer to hold and observe slowly. For now, that’s it, continuing to take notes.