Right now, I look at whether the project team is working seriously, or if I first check how the treasury is spending. It's not about focusing on "what they say they will do," but rather whether the money is flowing out according to milestones: for example, whether the pace of development/auditing/operations expenses matches product updates, whether spending is progressing steadily like tightening screws, or if they suddenly open the floodgates and spend wildly then disappear.

Recently, everyone keeps mentioning staking unlocks and token unlock schedules, and I’ve also been anxious about it… but some projects aren’t as alarming before and after unlocks; the key is whether the treasury has prepared the "deliverables" in advance. To put it simply, the treasury is like a kitchen ledger: buying groceries every day but not serving dishes, or only buying presentation items without ingredients—no matter how good the aesthetics, don’t trust it. Anyway, I will monitor each expenditure against verifiable progress; if it matches, I keep observing; if not, I just pass by.