I look at whether the project team is serious about their work; at first glance, it's not about slogans, but about how they spend their treasury: are the funds invested in things that can be sustained long-term, such as audits, developer support, documentation, and infrastructure maintenance; or do they just go crazy with sponsorships, events, and changing narratives whenever the market heats up? The same applies to milestones—of course, delivering on time is good, but more importantly, there are people using and iterating after the delivery, not just taking a screenshot and calling it done.

Recently, that mainstream public chain is about to upgrade/maintain, and the group chat has started guessing whether they will migrate. Honestly, teams that really get things done are less likely to follow the trend of moving; they usually first organize their dependencies, clearly write rollback plans, and then communicate the schedule clearly. Anyway, when I see a combination of "transparent treasury + verifiable milestones," I feel a bit more at ease.