Recently, I’ve been checking whether project teams are actually working seriously, or if they’re just looking at treasury expenditures first: where the money is spent, whether the pace matches the milestones. To be clear, it’s not about how much has been spent, but whether there are tangible results after the money is gone, such as traceable evidence like documentation, audits, or version iterations, rather than a bunch of community events and joint posters.

Now, many new L1/L2 projects immediately start issuing incentives to boost TVL, and I can understand old users complaining about “mining, selling”… The radio is full of the same chorus, and listening to it for a long time can brainwash you. What I need to be reminded of is: don’t get carried away by the excitement of the data dashboards, go back to the most basic question — how is the money being spent, and are the milestones being delivered on time? Anyway, I only focus on these two; otherwise, when emotions run high, I chase after the noise.