Lately, when looking at projects, I wonder if they're actually working on something. I'm not paying much attention to the "roadmap being loudly announced." My reverse indicators tend to get excited and make me easily get carried away... I prefer to look at how the treasury funds are spent: whether monthly expenses are stable, whether there are sudden large transfers to unfamiliar wallets, and whether there is continuous investment in areas like development, auditing, or operations that seem "boring to watch." Milestones shouldn't just say "XX launched in Q3"; it's better if they match on-chain actions: code updates, contract deployments, bug fixes—even if slow, at least don't stop updating.

Recently, RWA, US bond yields, and on-chain yield products are often compared together. I become more cautious of projects that sound "very profitable" but have treasury outflows that look like burning money to buy traffic... To put it simply, where the money is spent is more important than how good the PPT looks. What about you?