Interesting stuff. Recently, I’ve been seeing a few projects rolling out “milestones”—posting posters every time to say their TVL (total value locked) has surged. But once you flip through the expense breakdown, it’s basically all money spent on buying KOLs to shout orders and running airdrop incentives. Where’s the actual work? What’s the progress? Where’s the code? To be blunt, for projects that are truly doing serious work, treasury spending is usually pretty “boring”: audit fees, development salaries, and liquidity deployment costs. If those flashy marketing budgets spike, I’m actually more on guard—because in the end, you should go find where the “knife” is.

Lately, this wave of Meme and celebrity callouts is shifting attention incredibly fast. Even old players are warning newcomers not to take the last baton, and it feels very timely. I don’t know if I count as an old player, but when my hands get itchy, I still might test the waters—though first, I’ll see whether I can tolerate this kind of liquidity trap. That’s it for now.