I look at whether the project team is serious about their work; the first thing I don't look at is the PPT, but how the treasury funds are spent. To put it simply: I only find it reliable if the money is spent on verifiable milestones (audits, development, nodes/infrastructure, actual collaboration costs); if a bunch of budgets are written beautifully and end up all being categorized as "market" or "ecosystem," and they keep funneling money to related parties, I instinctively want to withdraw... If liquidity is thin, I’ll just exit immediately.

Recently, there are a bunch of testnet incentives and points, and everyone is guessing whether the mainnet will issue tokens. I instead focus on whether they are just adding tasks temporarily to boost points for this wave of hype, or if they can clearly explain the testnet data, bug fixes, and delivery schedule. Don’t treat "practice" as a competition where rewards are guaranteed; my own trading mindset is: better to expect less, prioritize survival, and if something feels off, get out first.