Recently, someone has been calling the exchange's hot and cold wallets "smart money" just because they move. Honestly, I’ve seen too much of this and it’s a bit annoying… What I care more about is where the project’s treasury funds are going: Have the milestones been reached, are the updates being pushed on schedule, and do the on-chain addresses before and after spending match up (I tend to use addresses to justify things for myself, even though I often only check after a pump).

My biggest fear isn’t slowness, but chaos: slow at least means a clear direction, chaos means today’s market crash and tomorrow’s change of course, and the treasury is leaking like water, no one can explain it clearly.
Anyway, when I look at L2 projects now, I’d rather join late than see their spending and delivery not match up, otherwise I can’t hold my tongue or my hands from being even more stubborn.