I look at whether the project is seriously working, and I don't really pay much attention to the roadmap on paper; more often, I watch how they spend money from their treasury: whether the funds are unlocked according to milestones or just poured all at once into "consultants/marketing"; whether development costs match code updates, audits, and deployment progress. I'm most worried about those whose milestones look full but their expenses are all large transfers + vague explanations, basically just buying time.

Recently, hardware wallets have been out of stock, and phishing links are everywhere. At a time like this, projects that still dare to keep treasury keys on one or two hot wallets, with casual signing processes—I just pass... (Am I a bit paranoid?) When I make LP myself, I just safely hold stablecoins/blue-chip pairs, willing to earn less, but at least I know where the money is going and how it's protected.