Working on project updates until my eyes are sore, so I just went back to review their treasury expenditures and milestone records. Basically, it's about whether they are genuinely doing the work, not just how tough they sound, but whether the money spent has "traces": whether expenses align with delivery milestones, whether there is continuous investment in long-term assets like personnel, audits, infrastructure, or if it's just a wave of activities + buying traffic with no follow-up. The worst are those whose milestones are always "next month," but the treasury keeps spending "this month" without end...

These days, the group is again discussing stablecoin regulation, reserve audits, and various rumors about "de-pegging," and emotions are easily stirred. Anyway, I’m currently just monitoring on-chain selling pressure and stablecoin net inflows. As long as the project team keeps expenses transparent and the pace steady, a little short-term noise isn’t so panic-inducing; conversely, the more they argue, the more we need to see if they are clear about their accounts and progress. That’s all for now, just watching slowly.