Someone asked me how to tell if the project team is actually working seriously.

I usually don't look at how well the "milestones" are written first; I look at how the treasury funds are spent: whether there's a fixed monthly rhythm, and whether the money is spent on reusable things (audits/infrastructure/developer support), or if it's just a fleeting KOL collaboration, meetings with photos, airdrops to attract new users...
Honestly, the flow of money is more honest than a PPT.
Also, don't just write "launch in Q3" for milestones; it's better to break it down into verifiable small deliverables.
Otherwise, it's like slippage—expectations always fall short of actual results.
Recently, everyone has been talking about the same rise and fall of rate cut expectations, the dollar index, and risk assets moving together—rising and falling together.
I'm actually more interested in whether the project is making progress according to plan in this emotional market.
Those who are just holding on with no money and forcing the narrative usually show their weakness first.
Anyway, I keep an eye on: treasury balance changes + expenditure details + delivery records.
If these three match up, then I consider they are actually working.