I tried once: staying up late and not looking at the K-line, but instead flipping through the transaction ledger of the project treasury wallet to see where the money really went. To be blunt, I don’t trust the milestones shown in the PPT—looking at “where the money flows” is more honest: whether they keep continuously paying the same group of developers/auditors/infrastructure, or if, every so often, they send “operating fees” to their own addresses and then people just vanish… Some projects update slowly, but their spending follows a pattern, and there’s also activity on Git, so I’m not that anxious. The kind that suddenly transfers large sums and the social media is still shouting about building, that’s pretty much like treating me as a meme.

Recently, everyone’s been blaming miners/validators for eating too well, MEV, and unfair ordering—I’ll also take a quick look to see whether they’re adding budget into their “fair narrative” again. In the end, all the money goes to buying traffic. Fine, let’s just leave it at that for now.