Last night before bed, I saw a project again shouting "Milestone Achieved," and my first reaction wasn't to look at the PPT, but to check how the treasury is spending the money: which types of people/services the money is going to, whether it's ongoing, or if there's a sudden large transfer out and then the people disappear. To put it simply, serious project expenses are very "boring"—development, audits, infrastructure, small but frequent community rewards; the less serious ones are very "flashy"—a wave of marketing, a collaboration, and the rest relies on storytelling to keep going.

Recently, the NFT royalty water wars also look quite like a mirror: one side says they want to support creators, while the other fears secondary sales lack liquidity. I don't take sides; I just look at whether the project's treasury has included "creator income" in the long-term budget, or if they just shout a couple of words on Twitter. Anyway, I still keep my orders ready in advance—emotions come quickly, and the transaction density is the most honest.