Lately, when reviewing projects, I don't really want to hear their vision anymore. I'm tired but still here... I prefer to focus on the treasury expenditures: where the money is going, whether the spending is stable. To put it simply, if the proportion of "slow money" like R&D, security audits, and infrastructure is higher, I’m more willing to take a second look; if they constantly talk about market partnerships, KOLs, various event reimbursements, and even throw in a "milestone achieved" poster, I’ll just discount it in my mind.

But don’t just look at the milestones on the surface; it’s better if they match actions on the blockchain: code submissions, contract upgrades, whether permissions are revoked, whether funds are unlocked in stages. Recently, everyone’s been complaining about validator income, MEV, and fair ordering, so I also check whether the project is spending money on these "dirty jobs" or just saying "the ecosystem will be better." Anyway, my current rule is: first look at the money, then at progress, and only then at the story; if something feels off, cut your losses and don’t argue with yourself.