Lately, when I watch project teams do things, I increasingly feel like I’m watching someone’s deposits—it's not about what they say, but how they spend.

The treasury expenditure curve is more honest than the whitepaper. Some teams shout “milestones” every day, but on-chain data shows the share of gas fees spent on interacting with dApps is still lower than what they pay themselves in wages.

That said, I’m not very good at hard calculations. I just like those charts where “funding rate + locked-vesting curve” intersect—kind of like watching the tide. Between the rise and fall, you can feel whether the team is genuinely working.

Recently, the unlock calendar has been brought up repeatedly. Everyone is afraid that sell-pressure will cause a stampede. I can’t really put it into words, but for a small retail guy like me, my mindset has changed to “version updates.” I used to stare at the K-line, afraid of missing out; now I’d rather see whether the team is truly fixing bugs in their “version iterations,” not just changing the UI.

That’s it for now—just random thoughts.