In the past, I used to look at projects, always focusing on how beautiful the roadmap was.

After being proven wrong a few times, I became more honest... Now I prefer to look at treasury expenditures: where the money was spent, whether it was coherent.
Honestly, it's not about how much they burn in cash, but whether there's a rhythm of "milestone → payment → delivery," such as first completing audits, infrastructure, developer support—hard tasks—rather than jumping straight into market collaborations and KOL bombardments.

Recently, everyone has been talking about testnet incentives and points, and daily guessing whether the mainnet will issue tokens.
I've also seen many addresses, doing tasks while complaining.
For me, teams that genuinely want to get things done will see treasury spending more and more like payroll and project payments;
those just riding the hype will see expenditures more like buying traffic.
Anyway, I now prefer to wait patiently for on-chain traces to speak, keeping my emotions in check.