Lately, when I look at whether project teams are taking their work seriously, I actually start by reviewing a few pages of the treasury expenditure: where the money was spent, whether the pace is steady, and if it aligns with the milestones. To put it simply, I’m not afraid of spending money; I’m afraid of constantly seeing "ecosystem cooperation/market promotion" every month, but the deliverables are always pushed to next month... I would directly downgrade their authority for that.

The same applies to the incentives on the testnet; everyone is watching points, guessing whether the mainnet will issue tokens. I also look at that, but I don’t treat it as the main focus. I want to see if they clearly state the criteria for "issuing rewards," when the freeze rules are, and whether they review bug handling and post-mortems. Otherwise, it all depends on community speculation in the end.

What I fear most is not losing money, but that the project’s financial statements look impressive while the actual milestones are always drifting, and the treasury seems to be leaking. Anyway, I’d rather take it slow now and wait until they fill out the tables completely before making a move.