Honestly, I look at whether the project team is working seriously, not just at the PPT at first glance, but at how the treasury funds are spent and whether the expenses match the milestones after spending. It’s not the kind of vague line like "ecosystem cooperation/market promotion"; it’s better if I can see specific deliverables: code merges, audit progress, documentation updates, bug bounties, and most importantly—whether the permissions are tightened and the upgrade path is clearly explained (I am especially sensitive about admin keys and upgradeable contracts).

Recently, there have been a bunch of testnet incentives and points flying around, and everyone in the group is guessing whether the mainnet will issue tokens. I’m not sure either, but in such times, it’s easier to get distracted: just focusing on points, instead of paying attention to whether the treasury spending is paying for “things that can go live” or just for “things that create hype.” Anyway, I’d rather go slow now and watch their progress on each milestone, at least I’ll feel more at ease.