Right now, I’m checking whether the project team is working seriously, instead of looking at the K-line first. I’m checking the treasury expenditures: where the money was spent, whether the spending is coherent or not. To put it plainly, anyone can write “milestones,” but if each time funds are unlocked it’s just changing the outsourcing name or spreading community incentives with no follow-up, it’s probably just feeding market sentiment.

I’m quite into this approach: having concrete deliverables, being able to review them, and clearly explaining the reasons for delays; preferably including security audits (which means hiring someone to find contract vulnerabilities). These are unglamorous but truly critical expenses. Recently, AI Agents are very popular, with many people hyping automated trading and on-chain interactions. Meanwhile, the treasury’s “growth” budget is maxed out, but the security budget is tight… I’ll quietly suppress my FOMO and just watch as a spectator, so I don’t end up getting caught up.