I don't think the project team is working seriously; I really don't pay much attention to the milestones in the PPT. First, look at how the treasury spends: money is used for subsidies, buying traffic, and distributing rewards everywhere. The milestones there are probably also "issuing announcements on time." On the contrary, research and development, security audits, recruiting for key positions, or even cutting expenses to survive the bear market—these are the things that seem to want to last longer.

Recently, Layer2 teams are arguing over TPS/fees/subsidies, which looks quite lively. Honestly, it's just about seeing whose treasury can burn more... As someone with a bearish mindset, I only ask one question: after burning it all, what's left? Anyway, I just turned off the perpetual leverage; when the fee rate tightens, human nature starts to perform.