My phone just popped up a bunch of red notification dots again: a certain project "milestone achieved," with a picture of a roadmap. I almost thought I clicked the wrong group... To put it simply, I judge whether a project is serious or not by how the treasury money is spent, not by listening to the narrative first. The money is all spent on "growth cooperation + marketing," but the on-chain active users and liquidity are still as thin as paper, which probably means they’re busy telling stories; on the other hand, if I see steady expenses on development progress, audits, bug bounties, infrastructure, I’m willing to take a closer look, even if it’s slow. Recently, the modularization/DA layer hype has developers excited, and it’s normal for users to be confused. Anyway, don’t use "narrative upgrade" as a shield for spending money. My simple method: keep an eye on the treasury’s expenditure rhythm + whether each expense has corresponding deliverables/data changes. If there’s no correlation, consider it as burning money to keep warm, and the position will naturally be lighter.