I see whether the project team is working seriously; the most straightforward indicator is how the treasury funds are spent: it's not about spending a lot, but whether the expenses match clear milestones. For example, if they plan to launch the mainnet / new version, they should break down the costs for audits, testnets, documentation, business development, etc., clearly specify how much was spent, where the deliverables are, who is responsible for acceptance… don’t just lump it all into an "operating expense." To put it simply, I’d rather see slower progress but monthly reconciliation and accountability.

Recently, everyone has been complaining about validator income, MEV, and fair ordering, and I also feel strongly: if the project claims to be "fair," but the treasury is unwilling to spend money on more transparent ordering schemes, monitoring dashboards, or even subsidizing infrastructure, then it’s probably just lip service. Last night, I also tested an interaction with 12 yuan, which froze for over ten seconds; the experience issues actually best reveal whether the team is doing their homework… Let’s leave it at that for now.