Lately, my mindset feels like I'm secretly updating my version:

In the past, I would just give a thumbs up when a project team made big promises,
now I first check the treasury expenditures to see where the money went.
Honestly, I’m not afraid of slow progress on milestones,
but I am afraid of “doing everything” while still paying consulting fees and marketing costs every week,
moving funds on-chain back and forth as if performing a pixelated theater:
the main character is stuck in place, fireworks effects fully activated...

On the other hand, those with relatively stable development/audit/infrastructure expenses,
occasionally even getting refunds for unused budgets,
even if NFT and gaming assets aren’t hot,
I’m still willing to be patient and give more time.

Recently, everyone compares RWA, US bond yields, and on-chain yield products together,
my conclusion is simple: no matter how attractive the returns sound,
you first have to ask “who is continuously buying and where does the money come from.”
Anyway, when I look at projects now, I first check the ledger before the story,
that’s how I do it for now.