Now when looking at whether a project is serious about its work, I actually focus first on how the treasury spends and how the milestones are delivered. To be clear, it’s not about what kind of promises they make verbally, but whether each expenditure can be matched with something verifiable: has the code been merged, is the mainnet/testnet progress being pushed weekly, are bug fixes being reviewed, and even for cross-chain migrations and other dirty, tiring work, is anyone truly taking responsibility.

Recently, a bunch of new L1/L2 projects are issuing incentives to attract TVL, and it's normal for old users to complain about “mining, selling,” I’ve lowered my expectations now, which actually makes me feel lighter: incentives are just my transfer costs, milestones are my baseline. If treasury spending is all “market cooperation/eco support” but delivery keeps dragging, I basically won’t keep playing along; on the other hand, even if progress is slow, as long as the spending results in output, I’m willing to continue increasing my position and casually look for mispricings. That’s all for now.