I just looked at the on-chain treasury inflows and outflows of a few projects, and it feels pretty interesting. Some project teams write memos really beautifully, but once you open the addresses, you see the money gets shuffled around and, in the end, it all flows into exchanges—or it’s locked for an absurdly short time. Basically, it’s basically a blatant “exit liquidity” setup. I usually just dismiss those ones right away.

On the other hand, some teams may move more slowly, but every disbursement has clear multisig signatures and time locks, and the milestones are written out clearly too—for example, when they say “Q3 mainnet launch,” it truly gets coded and shipped to mainnet, rather than just spinning up a testnet and calling it a “breakthrough.” On-chain data doesn’t lie, but you still need to learn how to read it.

Recently, the community has been arguing over the compliance boundary between privacy coins and mixers, and I think it’s pretty split. One side says, “Privacy is a must-have,” while the other side says, “Everything that uses mixers should be regulated.” To be honest, I can’t even fully figure out where I stand. But when I see some projects flying the “privacy” banner while their treasury doesn’t even have a decent lockup, it really leaves me baffled. Either way, I’m not touching projects where the txn records are just one round of wash trading after another. I’d rather earn a bit less and not end up getting questioned by the authorities one day, with no way to explain myself or find someone to talk things through.