I've been lurking in the group for a long time, but I still want to chime in: whether the project team is serious about their work or not, don't just focus on the "milestone" PPT and that roadmap. Honestly, I first look at how the treasury funds are spent—whether the expenses are mainly on development/security audits/infrastructure—things that are unglamorous but necessary, or if the majority of the funds are used for ecosystem subsidies, data manipulation, and buying traffic everywhere. Recently, with L2 teams arguing over TPS, fees, and subsidies, I think that whoever subsidizes more isn't necessarily more capable; once subsidies stop, whether TVL remains or how much retention is left is a more honest indicator. The same applies to milestones—it's best if they can be traced on-chain: code commits, contract upgrades, permission tightening, and spending rhythms that aren't erratic. Anyway, whenever I see the words "ecosystem fund," I get a bit wary—maybe I'm too cynical... but avoiding pitfalls is enough.