I'm now scrutinizing whether the project is serious or not. I really don't pay much attention to how beautifully they write their milestone slides in the PPT... I only focus on two things: where the treasury funds are being spent, and whether there are any "verifiable" items in the milestones. To put it simply, if the treasury expenses are just going back and forth among a few outsourcing firms, market accounts, or consulting fees over the long term, and there's no corresponding output on the chain (such as code updates, contract deployments, proposal progress), then it's basically just a show. Conversely, even if progress is slow, as long as each expenditure matches a reproducible deliverable, I feel more at ease.

Recently, everyone has been watching large transfers on the chain and unusual movements in exchange hot and cold wallets as "smart money"... I also observe, but more as a smoke screen warning: money moves very actively, but nothing tangible is happening. For this kind of situation, I tend to raise the alarm to the maximum. As for me, someone who digs through timelines every day, I might be a bit annoying, but I don't need to be understood. I just want to see fewer friends rushing in as samples again.