I look at whether the project team is working seriously, and the most straightforward way is to review how the treasury is being spent. It's not just about spending less; the key is whether the money is going toward "verifiable items": audits, infrastructure, developer support, and milestones that match the timeline. I'm a bit wary of those who say they want to build a big ecosystem but mainly have the treasury revolving around "consulting fees/market collaborations/community incentives." Anyway, it's hard to hold them accountable in the end.

Recently, everyone has been comparing RWA, US bond yields, and various on-chain yield products, which I can understand—looking for a "more stable" anchor. But in times like these, it's even more important to see clearly: where the yields come from, who bears the risks, and whether the treasury spending is just plugging holes. Frankly, don't just listen to the narrative; first check the bills and delivery records, and you'll be much clearer in your mind.