In the past, I mainly judged whether project teams were "serious or not" based on their Twitter rhetoric. Now I pay more attention to how they spend that treasury money: whether they first invest in development/audits/operations—hard tasks—or if they immediately go for joint ventures, offline parties, and flood the market with KOL promotions. The milestones are the same; frankly, it's better not to just get a line like "Launch in Q3," but to see verifiable progress: code updates, testnet data, bug fix schedules, or even budget breakdowns clearly outlined in governance proposals.

Recently, hardware wallets are out of stock, phishing links are everywhere. It's during times like these that you can really see who is working seriously—some teams will explain security reminders and signing risks in plain language, and even allocate budgets for audits and emergency responses; others just urge you to "speed up the interaction." I have a fear of overnight positions, so reducing holdings before sleep is my bottom line. If the project team is hiding how they spend the treasury money, I definitely won't dare to hold until tomorrow.