I look at whether the project team is actually doing work or not; the most useful thing isn't the PPT, but the "signal" of treasury spending. Where the money is spent, and whether it can match the milestones after spending, can't really be deceived: hire people when needed, refine the product when needed, keep the rhythm on track, and even if the community argues, I can still feel at ease. The worst is when the treasury is like a buffet, buying traffic today, hosting events tomorrow, shouting long-term goals, but the ledger is full of short-term stimulants.

Recently, social mining and fan tokens are hot again, saying "attention is mining," and I just… hmm, attention is definitely valuable, but if treasury spending has nothing to do with product or on-chain progress, then it's just using everyone's eyes as fuel. Anyway, what I care more about now is: whether the money spent can turn into visible deliverables in a few weeks, rather than a bunch of louder slogans.