Whether the project team is actually getting things done is pretty simple. Don’t just look at the milestones they draw up—things like “mainnet launch in Q3” and “ecosystem boom in Q4.” That kind of stuff is like a PPT; anyone can write it. If there’s anything real, focus on how the treasury spending works first. Where did the money go? Did they use it to pay market makers to pump up volume, or are they truly funding the development team with real cash? In the governance proposals, have they mentioned any discussion of a “protocol fee switch” (a fee-switch for the protocol)? If not, then it basically comes down to relying on narratives to prop up the price—waiting for liquidity to withdraw, then running.

Recently, meme coins and celebrity shilling have gotten hot again, and veteran players all know that it has the taste of the last baton. If the project team borrows the moment to issue a “governance token” just to get your vote and make you believe they can seriously change the protocol, then you’d really be falling for it. The truth is, they don’t even believe their own story. To judge whether they’re truly doing work, first see how they handle their cash flow, and then check whether community voting is just going through the motions. Don’t wait for someone else to call you to take the bag—you’ll only react after it’s too late.