I look at whether a project is serious about its work, and I don't focus so much on how "beautifully the milestones are written," but rather on how the treasury funds are spent: whether each transaction has a purpose, the rhythm is steady, and it's not suddenly spent all in one week followed by empty promises. On-chain, the flow of expenses is also quite straightforward; for audit, security, and infrastructure—things that are "not pleasant to look at but must be spent"—it's usually more reassuring than just aggressively pumping into the market and KOLs.

Recently, with many testnet incentives and point-earning activities, everyone is guessing whether the mainnet will issue tokens. I don't oppose token issuance, but honestly, if the treasury spends all its money on "user acquisition + data growth," while core development isn't making sustained investments, it's probably just using you for traffic. You can also take a look at their multi-signature wallets and funding frequency—don't just rely on the few roadmaps in the announcements. I prefer to observe more and act less; wait until they actually produce something before making judgments.