Right now, whether the project is serious or not, I won't look at how "beautiful the roadmap is." I'm focusing on how the treasury spends money. If the money is truly spent on work, there will be traces on the chain: development/audits/nodes/operations—these expenses should have a rhythm, and the amounts shouldn't be too outrageous; I'm most afraid of those sudden large transfers to new wallets with vague notes, then a few days later, splitting and re-splitting... I've rug pulled a few times, so I'm especially sensitive to these "wash and it's gone" operations.

Recently, everyone keeps arguing about staking unlocks and token unlock schedules, basically fearing selling pressure. My simple trick is: before and after unlocks, check whether the project team has matched milestone deliveries with expenses, such as version updates, audit reports, or partnership implementations—at least to explain "where the money went." Those who only post long articles to soothe emotions while quietly changing signers and permissions in the treasury—forget it, I’ll stay far away.