I look at whether the project is actually doing things seriously—more than I focus on how loudly they’re shouting. I’m more interested in the rhythm of how the treasury spends: are funds released in stages according to milestones, or are they sent all at once to a few familiar addresses and then nothing follows? Put simply, whether spending lines up with output (code, documentation, testnets, user feedback), and whether they explain when delays happen—those are all very straightforward signals.

And lately, there’s been that renewed argument about NFT royalties. On one side, they say they want to protect creators’ income; on the other, they worry that secondary liquidity will get “taxed” to death. I also tend to check these things casually: if the project talks like it’s righteous, but the treasury is actively supporting the market and handing out favors to KOLs, while being stingy with budgets for developer tools and audits—then… you know what I mean.

Anyway, for my own risk-control habit: I’d rather join slowly, but wait until they clearly explain the line of “where the money is spent and what gets built.” As for which signals you care more about?