Recently, when I see whether project teams are working seriously, I focus on two things: how the treasury funds are spent and how milestones are delivered. To put it simply, anyone can draw a roadmap; the key is whether the expenses match the "things produced." The funds are often poured into the market/subsidies/various collaboration KOLs, while development, security audits, and documentation support are kept tight-fisted. That's when I start to suspect something.

These days, L2 is arguing again about TPS, costs, ecosystem subsidies... It sounds lively, but don’t get caught up in the hype: the more subsidies are poured in, the more you should ask, "Can this money bring in long-term users or just a wave of yield farmers?" My current noise-canceling strategy is simple: only watch the flow of funds on the blockchain treasury and their own on-time delivery records. Other arguments are just background noise. Don’t lose the keys, and don’t lose your mind.