I look at whether the project team is working seriously, and I don't pay much attention to PPTs and slogans. First, I focus on the path of government treasury spending: where the money comes from, how it's approved, who signs off, and whether there are corresponding deliveries on-chain/multisig records. The same applies to milestones—don't write vague things like "Q2 launch." I'm more concerned about whether it matches code submissions, audit progress, and testnet data. Recently, I've been tired of the L2 hype battles comparing TPS/fees/subsidies... Honestly, no matter how heavily subsidies are poured in, if the treasury spending is just like a running account, and milestones are always "next month," I won't believe it anymore. Anyway, I keep it simple myself: only counts if it can be reconciled and reproduced.