I'm now checking whether the project is actually working, rather than just bragging about how great the roadmap is. First, look at the treasury expenditures: where is the money spent, whether the pace is steady, and if there are any bottlenecks in milestones. Honestly, if they are truly doing the work, expenses will follow the deliverables—audits, testnets, bug bounties, infrastructure—even if slow, but with logical consistency.

Those who suddenly flood the scene with "market partnerships" and "community growth" right at milestones make me a bit wary, as if they are using the budget to buy emotions.

Recently, in the group, there’s been repeated sharing of news about stablecoin regulation, reserve audits, and various de-pegging rumors, which makes people want to exit with one click… I almost uninstalled some groups last night, had my finger on the delete button.
But then I thought, forget it, information noise is noise. The key is to see how on-chain funds move and where the project’s money actually flows.
Being steady or not in words doesn’t matter; the ledger is the most honest.