I’m now checking whether the project is seriously doing real work—yet I look first at treasury spending: where the money went and whether it’s spent in a stable way. It’s not that a project is only good if it doesn’t burn a single cent, but when the milestones are written up beautifully, while the spending has long been just “market cooperation/content/consultants” being pushed in one direction, I get a bit on alert… Anyway, since the code hasn’t changed, I update the PPT first—three versions at once. In contrast, the ones that can break down things like node rewards, audits, infrastructure, and developer subsidies clearly, and can also update progress on a monthly basis, at least feel like they’re living day by day.

Recently, we’ve also been discussing interest rate cut expectations, the U.S. dollar index, and risk assets rising and falling together. I find that pretty mystical—then when it finally comes down to the chain, it’s basically this: don’t try to save a few bucks in fees, because one slippage trade can wipe out both your emotions and your principal. For now, that’s it.