I think the most straightforward way to see if the project team is actually doing work is to look at how the treasury spends money: it's not about how beautifully the milestones are written on paper, but whether there are tangible results after the money is spent (such as code, audits, operations, ecosystem subsidies), and whether the development is steady. Those that just give a lump sum to "partners/consultants" with no follow-up, I basically consider as fog.

Recently, AI agents and automated trading are too easy to spin stories about; anyway, as on-chain interactions increase, security costs also go up. Those who truly prioritize security will consistently spend on audits, bug bounties, risk control monitoring in the treasury; those who are just hyping narratives will spend more on marketing, KOLs, and various events… A quick look at the details can give you a good idea. Let's keep it steady—I, as an LP, still prefer a slower pace.