I’m now checking whether the project is actually doing things seriously—I’m less interested in hearing how they sell promises and paint a rosy picture. First, look at the spending cadence from the treasury: is the money unlocked in stages tied to milestones, or do they throw out large allocations right upfront—plus bloated outsourcing and consultant fees? Can their monthly expenditures line up with the deliverables (even if it’s small iterative progress)? And is there more “spending to buy hype” than “spending to build products”? To put it bluntly, where the money goes and how it’s used matters far more than a prettier roadmap.

One more small point: has the team tied their own incentives to the long term—like token lockups, delayed withdrawals/claiming, or using votes to make the budget transparent? That kind of treasury that gets more and more muddied the more they spend, while updates still only leave room for posting—I usually just treat it as a tuition/learning experience memorial… Recently, hardware wallets are out of stock and phishing links are flying everywhere; everyone’s security awareness has improved. But if the project team is still vague about even basic permission management and multi-signature processes, I really would frown. Anyway, right now I only dare to allocate small amounts with high conviction. I’d rather miss out than be hit again by a double blow of “treasury burning + security incident.” That’s it for now.