After finishing a night run, I casually flipped through a few L2 treasury expenditure reports. To put it plainly, I’m now more interested in whether a project is serious. I don’t really buy into the “vision” they talk about; I first check where the money is going and whether the spending is consistent. If development/security audits/infrastructure can line up with later on-chain data (active addresses, fees, and bridge traffic gradually improving), then I’m willing to take a closer look. But if for the long term they’re just circling around “market cooperation” and “ecosystem incentives,” while the on-chain activity is kept alive like an EKG that depends on events, then it feels a bit hollow.

This airdrop season is also pretty obvious. The task platforms are rolling out anti-sybil measures and a points system, making “loot farming” crowds hustle like they’re at work. Many projects’ treasuries simply use the situation to throw money at “hype.” Hype is hype, but milestones shouldn’t just be written in PPT form.

I’ve also recently scaled down my goals: I’m no longer trying to figure out who will “make it” at a glance. Instead, I’m focusing on one quarter’s spending rhythm plus two or three key indicators—this way, I can stick with it longer… for now, that’s it.