I set a small rule for myself: when looking at a project, don’t rush to look at the K-line and hype, first check the treasury expenditures and milestones. Frankly, where the money is spent and whether the spending is stable is more reliable than “drawing a more perfect roadmap.” Those that pay developers/auditors/infrastructure regularly every month, with slow progress but accounted for properly, make me feel more at ease; on the other hand, if a large sum suddenly goes to “ecosystem cooperation” or “market” in a confusing way, and milestones are always “next week,” I assume they’re busy with something else.

Recently, the funding rate has been extremely volatile, and in the group, people are arguing whether to reverse or continue squeezing the bubble. I remind myself: no matter how stimulating the rate is, it’s just an emotional thermometer. Whether the project is seriously working or not ultimately depends on “whether the money has been spent where it can deliver.” Don’t get carried away when it rises, don’t panic when it falls, just keep it like this for now.