I look at whether the project team is serious or not, and the most straightforward indicator is how the treasury spends money and whether there are milestones that match the spending. It's not that spending less is always better; some teams should hire auditors when needed, or issue developer subsidies, but at least you should be able to see "what this money has achieved": code updates, collaborations landing, products usable, or even cutting off failed directions in a timely manner.

Recently, everyone compares RWA, US bond yields, and on-chain yield products together, which actually reminds me of one thing: no matter how smooth the yield talk is, liquidity and transparency are the underlying fundamentals. If the treasury keeps "telling stories + PR," but you can't see corresponding actions on-chain, I will quietly reduce my position and keep some money to buy my favorite fragmented small art pieces, at least they are visible and tangible (though not necessarily preserving value, but at least I stay calm).

What about you?