I’m now checking whether the project is actually getting work done. But instead of staring at the K-line chart, I sneak a peek at how the treasury is being used: is the money going to pay salaries, patch loopholes, build tools, or conduct audits—those “seemingly boring but deliverable” things? Or is it just nonstop organizing events, buying traffic, and churning out one round of joint-poster releases after another… Put simply, the milestones have to line up with the spending; otherwise, it’s just PPTs running on-chain.

Recently, the group has been circulating posts about stablecoin regulation and reserve audits, with a few little essays mixed in about “de-pegging.” And I’ve realized the real reason I get twitchy is actually very simple: the more uncertain it feels, the more I want to hit the buy button—I feel like if I participate, I can control the situation… Then I calm down and go check the project updates, the on-chain multi-signature records, and the budget statements. If there’s no delivery, I’ll treat it as a joke for now—don’t turn it into faith.