I'm now observing whether the project team is working seriously, not listening to their vision first, but looking at how the treasury funds are spent: Are they allocated in stages according to milestones, with budgets increased after completion, or are they all handed over upfront to "ecology" and "market" and then parties start happening... In short, the money should be spent rhythmically; only then can the development progress normally. There's also a small detail: whether expenses include security audits, operations, and maintenance—these "hard jobs"—if they are included, it actually looks more like doing work. Recently, I've heard that some places are increasing taxes or tightening compliance, making the inflow and outflow expectations more restrictive. If the project is still burning money to buy hype, I wouldn't dare to become their LP. Bitter coffee can be drunk, but don’t let your teeth sour.