You guys are probably sharing screenshots again about "a certain stablecoin losing its peg" in the group... Every time I see that, I take a deep breath for two seconds first, anyway, don’t let your emotions get carried away.

Right now, the simplest way to judge whether the project team is actually working is not how flashy their PPT is, but to watch how they spend the treasury and how they deliver milestones. Is there “echo” when the money is spent: for example, are development costs ongoing small amounts, or is there a sudden large payment to a “consultant”; are marketing expenses only used to pump KOLs for hype, or can you see product updates or collaborations that can be reviewed? The same goes for milestones—if they say they will go live on the mainnet, open governance, or conduct audits, don’t just post countdown posters; can the deliverables be clicked open, understood, and verified?

Recently, the regulation of stablecoins and reserve audits has been heatedly discussed, which also reminds me of one thing: transparency isn’t just about “issuing a report,” but whether you can look into their wallets and plans and see if everything makes sense. Projects that are self-consistent tend to be more stable when rumors spread; those that aren’t rely on tough talk to withstand a panic... I’ll just keep observing this for now, and I’ll draw a couple more charts to see.