When I check whether a project is actually doing serious work, I don’t even look at the roadmap first—how pretty it’s written. I start with the treasury’s spending records instead… no frills. You can tell at a glance where the money goes: it all goes to things like “market promotion + all kinds of consultants.” I basically keep my FOMO under control. If I can see continuous spending on development, audits, infrastructure, and community tools—and each individual expense can be tied to a small milestone (even a tiny one)—then I start to feel it’s more reliable.

Lately, everyone keeps using RWA and US Treasury yield to compare on-chain yield products. To be blunt, I look at it the same way: if you’re going to chase returns, don’t just tell stories. Is the money in the treasury actually being spent on risk control, compliance, custody/clearing and settlement—those “boring but life-or-death” steps? If all they do is put out announcements saying “we also have yields,” then I just treat it as chasing hype.

Anyway, I’m the kind of person who after minting immediately forgets things—I rely entirely on this “checking the ledger to calm down”… for now.