I look at whether the project team is serious about doing things, and instead I focus first on how the treasury is being spent: whether the milestones have anything that’s “verifiable” and can be accepted, whether the budget is broken down item by item and clearly explained, and whether they do a post-spend review after the funds are used… Otherwise, it feels like someone is just saying “I’m busy” in the group chat, but when you ask what they’re busy with, they just send an emoji. Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products side by side. I’ll also casually check whether their treasury is chasing that kind of “looks stable” returns—don’t lock liquidity up just to make things look good. Put simply, I’ll say one thing: don’t rush—wait for confirmation, and only then decide whether to keep waiting around. It’s like feeding a cat, or staring at a progress bar.