I look at whether the project team is working seriously, rather than just focusing on how exciting the milestones sound. I prefer to see where their treasury funds are actually spent: whether there’s a proportion allocated to “boring” tasks like R&D and security audits, or if most of the money goes to marketing, partnerships, KOLs... Basically, whether the money is spent on fixing the ship or just painting it. Milestones shouldn’t only be judged by deadlines; it’s better to see ones that are “delayed but well-explained + delivery quality is more stable,” at least like working on a project, not rushing to trend.

Recently, the hype around staking, shared security, and yield stacking—those overused narratives—can be understood as controversial: if the treasury also throws money into the “yield stacking” story, it looks good short-term, but long-term I really don’t trust it. Anyway, I place my orders slowly and wait, I don’t chase or argue. I don’t need to be understood, but I will keep my boundaries: if I don’t understand where the money flows, I won’t participate. That’s all for now.