I look at whether the project team is working seriously, first by monitoring how the treasury spends money: whether funds are invested in R&D/security audits/infrastructure, or just a bunch of "market cooperation" and "consultant fees" as soft expenses. Milestones shouldn't just be judged by PPT slides; it's best to match on-chain actions: multi-signature signature counts, budget proposal cadence, contract addresses, testnet to mainnet submission records… In other words, OI and fee rates can be deceived for a while, but the flow of the treasury can't be fooled for too long.

Recently, some places have tightened and loosened taxes and compliance, changing deposit and withdrawal expectations. If the project team is still aggressively burning marketing funds but not including compliance/risk control as milestones in their plans, I will quietly tighten the liquidation line and reduce positions. Anyway, I’d rather miss out than become fuel for the treasury.