Midnight scrolling and seeing several projects announcing "milestones achieved," my first reaction isn't to think how cool the PPT looks, but to check how the treasury is spending... Honestly, where the money is going is more truthful than any fancy words. If I see stable expenditure pace and small repairs in the budget (like fixing product lag or security vulnerabilities first), I'm willing to give more patience; if the treasury swings between lavish sponsorships and KOL bombardments, and the product still feels like an old phone without patches, then forget it.

Recently, during that extreme wave of funding rates, the group argued whether to reverse and continue squeezing the bubble, but I care more about: are the project teams riding the hype to make noise, or are they honestly delivering/fixing bugs? Emotional indicators can fool me for a night, but the treasury ledger can't deceive for a few seasons. That's all for now.