I’m looking at whether the project team is working seriously; the first thing they focus on isn’t Twitter rhetoric, but rather how the treasury spends money: whether funds are unlocked in installments based on milestones, or if they’re paid in one lump sum to “partners/consultants” and then people disappear... On-chain, it’s like writing a diary—how often are expenses made, the amounts, whether the payment addresses are reused—which actually makes it pretty obvious. If after each large expenditure, a few days later, you can see product iterations, audits, or real user behavior changes, then I’d be willing to be more patient.

Recently, everyone keeps comparing RWA, US bond yields, and on-chain yield products; honestly, I care more about where the “returns” come from—whether they’re artificially supported by treasury subsidies, and if those subsidies end, the project collapses, I’ve seen too much of that.

As for “long-term,” I personally think it’s pretty basic: at least one quarter. Being able to clearly explain milestones and keep the expenditure pace steady within a month already counts as a plus. I’ll keep observing; after all, I’m not here to be a believer.