To see if the project team is serious about their work, I actually don't look at the PPT and roadmap first; I start by examining the treasury expenditures: where the money is spent, whether the spending has a rhythm, and if there are milestones aligned. Frankly, genuine product development expenses tend to be phased: development/auditing/operations/legal, and occasionally a large sum can be explained clearly; the worst are those that are long-term "consulting fees + marketing fees" with milestones always pushed to the next quarter. Recently, RWA, U.S. bond yields, and on-chain yield products are often compared together, but I prefer to see clearly whether the treasury is also footing the bill for "boring but critical" costs like compliance, risk control, and auditing. By the way, a reminder to myself: I tend to mistake simplicity for a trap— the more a phrase like "stable returns" sounds smooth, the more I need to see who is paying the bill. Anyway, I’d rather be slow than become fuel for liquidity farming chives.