I look at whether a project is working seriously, basically ignoring their storytelling, first checking if the treasury expenditures and milestones match: where the money is spent, when it is spent, and whether there are corresponding deliverables after spending. The worst are those "ecosystem incentives" that just circulate on-chain, ending up with only a few posters and a bunch of KOL shares... To put it plainly, milestones are not the roadmap in a PPT; they are the progress you can see on-chain, in the repository, or in the product.

Recently, the group has been discussing stablecoin regulation, reserve audits, and de-pegging rumors again, and everyone's emotions are running high, wanting to run around. I actually prefer to see whether, when rumors arise, the project team shrinks expenses, keeps key budgets for settlement, security, and infrastructure, or continues to spend money to buy hype. If you really want to follow, focus on the treasury address and spending rhythm, don’t wait for an "announcement" to tell you they’ve made an effort.