I’m looking to see if the project team is actually working seriously; I won’t listen to their milestone announcements for now. First, I want to see how the treasury funds are being spent: are they continuously investing in development, audits, and infrastructure—things that may seem unglamorous but are necessary—or does the market hype suddenly bring in more marketing, business development, and various partnership posters when the market heats up? Honestly, money doesn’t lie.

Coupled with the distribution of holdings and on-chain cost lines, is the core wallet quietly moving funds out when you see a surge? Has the team unlocked and pre-allocated funds nearby? These details are much more useful than an AMA.
Recently, retail investors have been complaining about miner/validator income and MEV causing unfair ordering. I also check whether they’re taking real actions in this area: for example, whether they’re returning fees, publicly disclosing ordering rules, or at least including commitments in governance-bound documents.
Anyway, milestones aren’t checked off on a PPT; they’re visible on the ledger—showing that after the money is spent, the on-chain activity actually improves. That’s all for now.