I’m now checking whether the project is really doing things seriously—before listening to any roadshow, I first look at how the treasury money is spent. It’s not that spending less is better; it’s whether the spending can line up with the milestones: for example, if they’re supposed to roll out a feature, is there a continuous cadence of development/audit/operational expenses before and after, or is there suddenly a big line item like a “consultant fee,” and then nothing follows… Wallets are like plotlines, and it’s hard to pretend to have a spending habit. Lately, the group has also been circulating rumors about stablecoin regulation, reserve audits, and all kinds of talk about “de-pegging.” To be blunt, I treat complexity as the enemy: if I can’t make sense of it, then I won’t touch it. In any case, a project that’s truly getting things done will leave traces no matter how ugly the spending looks. The biggest fear is that the money is very “clean,” the story is very “complete,” but nothing on-chain matches up.