Someone asked me... how to tell if the project team is really working hard based on government treasury expenditures and milestones. To be honest, I don't really trust PPTs; I prefer to see "where the money is flowing." If government spending is always large amounts, one-time payments, and the payment addresses are frequently changing, I would first have my doubts; on the other hand, small, ongoing payments on a monthly or phased basis, with stable payees (matching auditors/developers/operations), and milestones that leave traces on the chain—such as contract upgrades, parameter adjustments, governance proposals and related actions—these are more like actual progress.

Additionally, recently someone complained that on-chain data tools and tag systems are lagging or even misleading, so I no longer blindly trust what the tags say. Instead, I look at the expenditure rhythm as a weather chart: the pattern of cash flow, clear billing cycles, and verifiable milestones—only then do I dare to hold positions longer; if I don’t understand it, I treat it as a cloudy day and stay under cover.