Is watching projects about working? I’d rather start by reviewing the treasury expenditures… Honestly, anyone can draw a roadmap; where the money is spent is more honest. For example, whether monthly expenses are stable and rhythmic: I feel more at ease if the “slow money” like R&D, security audits, and operations make up a larger proportion; if suddenly a large sum is paid to “market cooperation” or “consultants,” and there are only sparse submission records on-chain, I start to get PTSD, and I don’t dare set the interval too wide, afraid of being seen as a liquidity ATM.

Don’t just look at milestones as “launching/partnerships,” I prefer to see verifiable small progress: contract upgrades, bug fixes, parameter adjustments with discussions and reviews. Recently, NFT royalties have been a hot topic; I’ve seen some projects shouting about supporting creators while their treasury expenditures are all about buying volume to push the floor price… Anyway, I quietly reduce my holdings; good liquidity doesn’t necessarily mean sustainability.

My mom asked me yesterday: since their treasury has so much money, do they want to spend it whenever they want? I said pretty much, so that’s why I pay attention to transparency and rhythm in spending, not just the narrative. That’s all for now.