I only take one note: Don't get confused by RWA and the "on-chain revenue" rhetoric. If you really want to judge if a project is reliable, focus on three things—whether GitHub is continuously updated with real code changes, whether the audit reports highlight issues clearly and have been addressed afterward, and whether the upgrade permissions are multi-signature, decentralized, and can trace the signers and delay mechanisms. If any of these three are vague, I consider the storytelling to be uncertain and the risk premium too high, so I’d rather not participate.

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