I see whether the project is working seriously; at first glance, it's not the milestone PPT, but how the treasury money is spent: whether the expenditure frequency is stable, whether they suddenly throw a bunch of budget when there's good news to announce, or if they are normally providing hard costs like development, auditing, and operations on schedule. Recently, some on-chain folks have been watching large transfers and unusual activity in exchange hot wallets, calling it "smart money." To be honest, that might just be moving assets, market making, or reconciliation—don't get too caught up in it. I trust milestones that are "usable once completed" more; otherwise, they're just reflections in a mirror that look good. I treat complexity as an enemy: as long as the money is spent properly and the project can be implemented, I’ll give the score first.