Is a project really focused on doing serious work, or just on telling a good story? Can you really tell the difference? I wouldn't dare say 100%, but right now I’m mainly paying attention to how the treasury is being spent: not whether they’re spending a lot or a little, but whether there are corresponding milestone receipts after the money is spent—like what was delivered, what was delayed, why it was delayed, and how to make up for it next time. I’m most afraid of those “ecosystem funds” that, once opened, cause a lively buzz on Twitter, but on-chain it’s just a string of transfers, and in the end, everyone only remembers the logo looks good.

Recently, retail investors have been complaining about miner/validator income, MEV, and unfair ordering. I’m actually more concerned about whether the project team has included these “invisible but impactful” issues into their milestones, or at least acknowledged that they are problems. To put it simply, those who are willing to spend money on dirty, hard, and thankless tasks, and dare to openly share their progress—even if it’s slower—are the ones I’d rather take a closer look at.