Just now my phone jumped with a bunch of red notification dots: a certain project "milestone achieved," with a picture of a roadmap. I almost thought I clicked the wrong group... To put it simply, I judge whether the project is serious or not by looking at how the national treasury's money is spent, not by listening to the narrative first. The money is all spent on "growth cooperation + marketing," but the on-chain active users and liquidity are still as thin as paper, which probably means they are busy telling stories; conversely, seeing steady expenses on development progress, audits, bug bounties, infrastructure—no matter how slow—I'd be willing to take a second look. Recently, the modularization/DA layer hype has developers excited, and it's normal for users to be confused; anyway, don’t use "narrative upgrade" as a shield for spending money. My simple method: keep an eye on the treasury's expenditure rhythm + whether each expense has corresponding deliverables/data changes; if not, consider it as burning money to keep warm, and the position will naturally be lighter.