I look at whether the project team is actually doing work, and the most straightforward way is to see where the treasury funds are going. It's not about spending less; the key is whether the expenditures align with clear milestones: for example, development, auditing, operations—can you see a consistent rhythm on the chain? If they just announce something and then there's no follow-up, I’ll directly question it. On the other hand, those that unlock funds in stages and show deliverables before and after each payout (even if it's just testnet updates or permission convergence) feel more reliable.

Recently, the economic collapse of that blockchain game wave is quite typical: the treasury is wildly subsidizing, token inflation is maxed out, and studios jump into a cycle of “pay wages—dump tokens—pay wages again.” To put it plainly, the treasury is like a funnel, getting emptier the more it’s stretched.

My own simple trick to avoid impulsive buying: when I feel FOMO, I don’t click buy right away. First, I check recent large transfers in the contract permissions and treasury, and quickly review the upgrade permissions/multisig list… It helps me stay calm. If I really want to buy, it’s not a big deal to wait ten more minutes. That’s it for now.