I look to see whether the project team is actually doing real work. Instead of first checking the milestones claimed in words, I first look through the treasury expenditures: where the money is going, and whether the spending has a steady rhythm. Development, audits, and infrastructure—these “invisible” kinds of costs—show up consistently; even if it’s a bit slow, I can tolerate that. But when the treasury suddenly transfers large sums out, then it flows back to the exchange, or in the long run it only leaves the market budget “dancing,” it starts to feel a little fake.

Recently, the group has been talking again about social mining and the whole “fan token / attention is mining” setup. To be frank, attention is definitely valuable—but if the treasury spending is mainly going toward buying noise, buying rankings, and buying KOLs, while the code repositories and delivery don’t keep up, then attention is more like burning money to maintain the heat… I’m not rushing to draw a conclusion. I’ll watch the on-chain traces for a few more weeks first—because the chain of evidence won’t lie.