Right now, I look at whether a DAO/project team is serious or not.

First, I don't judge by how polished their PPT is; I look at how the treasury funds are spent:
It's not about "market/operations" being a one-man show, but whether it can be broken down into milestones,
and once reached, the next fund is unlocked; if not, they honestly explain where the bottleneck is.
To put it simply, the more vague the spending, the more bickering there will be later,
and in the end, it becomes "who has the loudest voice wins."

I'm also pretty casual about "long-term":
On-chain, I consider a quarter as long-term,
but in governance, maybe a month is enough to see who's pushing forward and who's dragging (especially those late-night meetings...).

Recently, there's been talk about rate cut expectations, the dollar index,
and risk assets moving together up and down.
I'm actually more cautious now:
When the market is good, it's easiest to mistake "progress" for "rising prices and looking hardworking."
As always, I review delivery, not the hype.