I look at whether projects are working seriously, starting with the treasury expenditures: where the money is spent, whether the frequency is stable, and if they are always stuck in "partnerships/consultants/marketing." To put it simply, I’m not afraid of slow progress on milestones; I’m afraid of each update just being a rebranded PowerPoint, while on-chain you only see the same addresses transferring back and forth, ultimately falling into the all-purpose excuse of "maintaining the ecosystem atmosphere"... that’s when I get suspicious.

Recently, that mainstream public chain is upgrading/maintaining, and everyone in the group is guessing whether the ecosystem will migrate. I instead look at whether these projects have reserved budget for "migration/audits/emergencies," and whether the submitted code and testnet records are consistent; if they really move, the money and labor hours can’t be hidden.

By the way, here’s how I avoid impulsive trades: when I get itchy to check the K-line, I first look at the fund flow/treasury transactions, then close the trading window for 30 minutes. If I can resist, it’s not an opportunity; if I can’t, it’s mostly emotional. Anyway, I’ve been burned a few times by myself, so now I’d rather miss out than chase.