I'm not very good at calling trades, I care more about whether the project team is actually working. When looking at government treasury expenditures, I usually focus on two things: whether the money spent is "replayable," such as monthly expense details, payees, and whether the corresponding deliveries can be verified on-chain or in the repository; and whether the milestones are "testable," not just talking about strategic partnerships or ecosystem empowerment—basically, whether they can deliver on time and if people will use the product after delivery. The treasury has been burning through funds, but the roadmap is always for next season—I just see it as prolonging the life. Recently, the NFT royalty debate has been intense, and it feels similar: if you're supporting creators, at least clarify how revenue sharing and secondary liquidity are balanced, don’t just talk about ideals without showing the numbers. My own process is pretty mechanical: transparent information + timely delivery = continued observation; if either is unstable = reduce or avoid the position, keep it simple.