I look at whether the project is actually working hard, but I’m less concerned with whatever “roadmap” they draw up in their mouths. Instead, I focus on where the treasury money is going—and whether there are corresponding milestones after the money is spent. For example, they clearly say they want to do liquidation protection (mechanism), but the expenditures are packed with “consultant fees/market cooperation,” while the code and the audit timeline are dragging along. That basically tells you where their priorities are. Recently, everyone has been putting RWA, U.S. bond yields, and on-chain yield products side by side in comparison, and I’ll take a quick look too: behind these “yields,” who is actually absorbing the volatility and liquidation risk, and whether the treasury is thickening the risk cushion. In any case, my own positions will be more tilted toward teams that are transparent and whose spending can be matched to deliverables—no need to pretend that risk doesn’t exist.