Lately, I've been checking whether project teams are really working or not. I'm tired of listening to their empty promises, so I just focus on how the treasury is spending money: is the money going to development/auditing/operations—places where something tangible is left—or are they just paying themselves salaries every day and finding KOLs to boost their presence?

Don't just look at the PPT slides filled with milestones; the most honest indicator is on-chain—whether contract permissions are restricted, whether funds are moving according to plan, or if it's just dragging time, waiting for you to take over.

By the way, the fee rates have been extremely high these days, and the group is arguing whether it's a reversal or just more bubble squeezing.
As someone testing the waters, I treat it as noise— the more they argue, the more I watch whether the treasury starts to move chaotically or makes large transfers... that smell is off.

Forget it, to put it plainly: projects that are serious about their work spend money slowly and visibly; those that aren't, spend money quickly and always ask you to "wait a bit more."
I admit I’ve been burned before, but at least I die with my eyes open.