Just when I was browsing, someone was guessing whether all the mainstream public chains will collectively move their projects after the upgrade… My first reaction isn’t to chase the hype, but to check how the project’s treasury is being spent. Honestly, anyone can talk about grand visions, but where the money is actually spent is much harder to interpret.

I usually look at two things: first, whether there is a “corresponding item” for the expenses, such as unlocking budgets only after milestones are achieved, or whether they’re already spending on market fees and consulting fees before launch; second, whether the pace is steady, and if they can deliver small, continuous updates instead of burning through money rapidly and then disappearing. Also, I’m more cautious about those with a bunch of tokens in the treasury, especially during critical periods like maintenance or forks, when on-chain activity suddenly spikes, tokens are transferred back and forth, but the purpose isn’t clearly explained.

Anyway, I’m a slow-cooker type of investor; I’d rather have lower returns than be startled awake in the middle of the night by a “treasury is empty” message… That’s all for now, I’ll keep relaxing.