Is the project recently about doing work? I'm actually more focused on how the treasury spends. It's not that spending less is better; the key is whether the rhythm and milestones match: they say they want to do a wallet security audit, but the treasury first makes a large payment to a bunch of "ecosystem partners," then the mainnet/product keeps getting delayed. For this kind of situation, I will silently keep reminding... Honestly, the direction of the money spent is more reliable than promotional materials.

On-chain, big transfers and moving hot and cold wallets of exchanges are often interpreted as "smart money," but I see it as moving house first: seeing neighbors move boxes late at night doesn't mean they hit the lottery; they might just be changing rooms. The same goes for the treasury—looking at transfer size alone is useless. It's better to find corresponding delivery records, payment explanations, and acceptance nodes on-chain or on forums, and ideally, reconcile before and after. Anyway, I verify transfers three times, and I also want projects to explain their spending a bit more.