I want to see if the project team is really working hard, not just looking at how big their PPT hype is. First, let's check where the treasury money is going: if the funds are mostly circulating in "market cooperation" and "advisory fees," I get a bit suspicious. I can see tangible expenses like security audits, developer subsidies, nodes/infrastructure—at least it doesn't seem like pure show. Of course, spending more isn't always better; milestones should align with the pace: when they say they will go live on the mainnet, open source, or submit governance proposals, they should really push forward monthly, not always "next week." But on the other hand, the modular and DA layer narratives have excited developers a lot, while users (like me) often feel confused. Anyway, I only focus on two things: where the money is going and whether the projects are actually being implemented… Don’t take jokes as investment advice.