To be honest, I’m getting a bit aesthetically fatigued by the “milestones” these project teams put out. There’s usually a whole tutorial on how to read the whitepaper and roadmap, but I personally focus more on on-chain data and treasury liquidity. Recently, RWA and products tied to treasury bond yields have been getting a lot of hype. To put it plainly, when a project says it’s using U.S. Treasuries as the underlying asset, then you need to check whether the money in its treasury really went there, not just come up with more tokens after painting a pie in the roadmap.

I usually go through on-chain reports to see whether spending actually went to development or whether it’s just market-making volume for show. Also, whether the team’s token lockups are truly carried out as promised. Anyway, I’ve seen too many understated “milestones,” and the losses have been painful enough. That’s it for now—when I have time later, I’ll post the transaction log of the trap I stepped into.