Someone asked me how I judge whether the project team is working seriously.

I usually don't look at how big their PPT slides are first; I check the treasury expenditures: where the money was spent, and whether the spending is stable.
Honestly, continuous development, audits, infrastructure, and operations—these "slow money" activities—are often more indicative of actual work than a wave of aggressive marketing.
If the expenditures come in waves, especially during hot market conditions or when the funding rate is extreme, and suddenly increase volume in those days, I become a bit cautious.
It might be coordinated with market sentiment rather than pushing forward on milestones.
And don’t just look at "launched" or "collaborated" for milestones; I care more whether there’s a slight upward trend in on-chain activity and retention, even if it’s very slow.
Anyway, I’d rather miss out on the hype now than get caught up in the bubble’s rhythm.