Right now, I’m checking whether the project is actually working or not, and I’m not really listening to their vision anymore. I’m just watching how the treasury spends money and whether milestones are being achieved. To put it plainly: I trust the money is being spent in a more “verifiable” way (development, audits, bug bounties, documentation, real user subsidies); I don’t trust much else. Community operations, KOLs, offline conferences, flashy collaborations… they keep saying “big release next week,” but I just assume they’re just talking.

Recently, a bunch of people have been forcefully linking ETF capital flows with U.S. stock market risk appetite to explain crypto market fluctuations. I’m a bit slow on the uptake—while others are interpreting macro trends, I’m still on the chain inspecting their treasury transfers, casually cursing gas fees, then tremblingly clicking confirm… Anyway, I’m the kind of person who looks at the most straightforward things: whether deliverables are delivered, whether the budget has boundaries, and not to use a “roadmap” as a shield.