I'm now looking at whether the project is serious about doing things, rather than first looking at the PPT, but rather checking the treasury expenditures... where the money is spent is quite honest. For example, the milestones are written very lively, but long-term expenses are mostly in "market cooperation/consultant fees," while R&D, audits, and infrastructure are quite thin, which makes me question it. There's also a matter of rhythm: when it's time to spend money, they don't hold back (such as audits and bug bounties before key releases), and they can still match the progress after spending, even if it's a bit slow, I feel at ease.

Recently, cross-chain bridges have been hacked again, and oracle quotes have also had issues, everyone has learned to be cautious with the phrase "waiting for confirmation"... so I care more whether they treat security as part of the milestone, rather than just patching things up after problems occur. Anyway, I’d rather miss out on some gains than rely on luck to get through the night.