I look at whether the project team is working seriously; I won't listen to their vision first, I'll check the treasury expenditures: where the money is spent, and what milestones are achieved after spending. The most concerning are those where the "market promotion/ecosystem incentives" section is a mess, spending a large chunk in three months, leaving nothing verifiable on-chain—basically just buying hype. Conversely, I trust more those who pay wages monthly, conduct audits, and outsource development with reasonable amounts and steady pace—at least their incentives align with deliverables.

Recently, hardware wallets are out of stock, and phishing links are everywhere, indicating that everyone's security awareness has improved… But if the project team is too lazy to clarify multi-signature setups, permissions, and spending notes, don't blame me for being skeptical: if you don't take yourselves seriously, how can retail investors be expected to act as security guards for you? That's all for now; I'm going to review the ledger.