I gauge how seriously the project team is taking things. Instead of listening to their vision first, I look at how treasury funds are spent: whether they’re put into reusable assets (code, audits, infrastructure, BD resources) or into “hype” (KOL bombardment, fake data, events everywhere). The same goes for milestones—don’t just write “ecosystem prosperity.” Instead, check whether they deliver every month, whether they do post-mortems, and whether they have the courage to admit it when something goes wrong. That recent playbook from chain games actually matches the pattern pretty well: the treasury gets used to subsidize inflation, to support studios that wash-trade, and once the token price drops, it spirals downward… Put simply, the treasury is like a bandage for bleeding—I basically bypass it directly. I’d rather move more slowly, but only spend money transparently and have milestones that can be verified, before I’m willing to add some hedge exposure.