I look at whether the project team is serious about their work; I don't really focus on how big they shout, but rather on how the treasury is spent: Are the funds allocated to "deliverable milestones," or are they just constantly buying exposure, hosting events, hiring consultants to write fancy PPTs? Frankly, expenses and pacing are most like a mirror—whether the details like R&D, audits, infrastructure are in place, whether the budget is unlocked stage by stage, and whether the team can turn "next update" into a concrete checklist rather than just a vision.

There's also a small habit: if milestones are always "almost there," but on-chain addresses sometimes make large transfers out, then send funds back, or frequently open new wallets to split funds, it looks pretty tiring... I just reduce my position size, leave some observation room, and avoid hard emotional fights with myself.

Recently, the NFT royalty debate has been heated too; creators want income, secondary markets need liquidity. The arguments are there, but practical solutions really depend on using budgets to develop tools, implement protocol changes, and create incentive details—it's not just about issuing a statement. Forget it, I won't talk about big principles. Anyway, I decide whether to cooperate long-term based on "where the money is spent + whether milestones are met."