Lately, when looking at projects, I don't really believe in "how beautiful the roadmap is written." I pay more attention to how the treasury is spent and whether milestones are delivered. To put it simply, it's not scary if money is spent quickly; what's scary is if it's spent chaotically: sometimes hiring a bunch of BD at high salaries, sometimes sponsoring events to boost presence, but the on-chain development progress seems to be stuck; or the milestones are always "coming soon," but they can't produce something functional or something users will criticize.

I usually compare a few details: whether the expenses have a continuous and explainable rhythm (not transferring large amounts today and changing addresses tomorrow); whether the team is willing to break down deliveries into smaller parts for verification; whether they directly explain the reasons for delays instead of covering them up with new narratives. Recently, everyone has been arguing about rate cut expectations, the US dollar index, risk assets rising and falling together, then moving inversely… In such times, it's easier to make decisions based on emotions, but project treasuries and deliveries won't play along; if dragged out too long, the truth will eventually come to light.

What I’ve learned isn’t techniques, but: don’t get carried away by the hype. Just focus on "where the money flows and whether things are delivered," and that’s enough.