To see if the project team is serious about their work, my first glance now is to translate the treasury expenditures: where the money was spent, whether the timing is right. It's not that spending money equals doing work, but if the milestones are overly elaborate while on-chain only "consultant fees/marketing fees" are being paid out wave after wave, and development-related funds are sporadic, then I basically just ignore it... better to miss out. It’s best to see expenditures that align with milestones, such as audits, bug bounties, infrastructure, and ongoing payments to core contributors, at least a logical closed loop.

Recently, bridges have been hacked again, and oracles have quoted ridiculous prices. Everyone is shouting "waiting for confirmation," and I care more about whether the project has reserved budget and procedures for such situations: whether they hold emergency meetings and post on social media after an incident, or if they already have a plan in place to quickly cut losses. Anyway, I’m afraid of impact costs when placing orders, and investing in projects is the same—most afraid that the treasury turns into a liquidity donation pool. That’s all for now, watching slowly.