I tried once, specifically monitoring a project's treasury expenditures and their self-written milestone chart, comparing over three months: where exactly did the money go, and did the expected outputs match the spending. Honestly, I don't really believe in the phrase "we are building," I prefer to see if on-chain transfers follow a pattern, if the receiving addresses are long-term partners, or if suddenly a bunch of new wallets are receiving funds and dispersing. The same goes for milestones—those who are genuinely working usually specify delays very clearly, even openly explaining the reasons for failure; as for those who are always "launching next week / in ecosystem collaboration," I silently lower my expectations.

Recently, after another cross-chain bridge issue and oracle misreports, everyone is shouting "waiting for confirmation," which instead reminds me: the most valuable thing in a project isn't just talk, but whether the process stalls when problems arise, and whether the treasury has a safety margin. Anyway, when I look at a project now, I first see how the money moves, then how the team explains it, and finally I look at the story.