I'm currently looking at the project to see "if they're actually working," rather than just the milestones in the PPT. I prefer to focus on how the treasury funds are spent... To put it simply, where the money flows, the team goes. If expenses are always just salaries, consultants, and various "ecosystem incentives," but the codebase hasn't moved in months and the product is still just a pie in the sky, then it's basically just prolonging life. Conversely, if the treasury spending is fragmented but aligned with the rhythm: audit fees, nodes/infrastructure, real user subsidies (not fake volume), and combined with milestone implementations step by step, at least it looks like someone is actually working. I also have some shadow over the collapse points of chain games: inflation + studios + coin price spiral, the treasury throwing a lot of incentives is just an accelerator... I usually just keep an eye on a few large transfers and the first wave after unlocking, who is pushing the hype, on-chain activity is pretty honest.