Instead of focusing on whether the project team is working diligently, I’m more concerned with how the treasury is being spent: it’s not about the amount spent, but whether there are corresponding milestone “footprints” after the money goes out. For example, a grant announcement might sound very lively, but on-chain you only see one transfer to a multi-signature wallet, and then nothing else; or every month there’s “ecosystem support,” but it’s just bouncing back and forth between the same addresses, with no rhythm of code updates/audits/product iterations. I would quietly raise a question mark about that.

In the past couple of days, that mainstream public chain is about to upgrade and maintain, and the group is guessing whether many projects will migrate. Honestly, teams that are truly working usually don’t just issue slogans; they will release budgets, timelines, and contingency plans in advance, so at least you can see they’re preparing, rather than starting “discussions on direction” only the day before maintenance.

What I regret isn’t the result, but that I only looked at the narrative hype at the time, without cross-referencing the timestamps of treasury expenditures and milestones… For now, that’s how I’ll learn to look for evidence gradually.