I'm now checking whether the project team is working seriously, rather than focusing too much on how "beautifully the milestones are written." First, look at the treasury expenditures: is the money spent on development, audits, and operations—these hard tasks—or is it constantly sponsoring conferences, giving out awards everywhere, and KOLs taking turns retweeting... Basically, where the money goes, that's where the heart is. There's also a small detail: large holders are collateralizing on one hand, while the treasury is starting to regularly disburse funds to multi-signature addresses to do legitimate work. I feel a bit more at ease with this; on the other hand, if collateral is decreasing and the treasury spending is scattered, I tend to lower my expectations a bit.

Recently, the modularization and DA layer narratives have excited developers, but ordinary users are really confused... I'm half confused myself. Anyway, I’ll lower my expectations first—don’t expect an "ecosystem explosion" overnight—just see if they can deliver on schedule and save where they should, and I’ll feel much more relaxed.