I look at whether the project team is serious about their work; the first thing I don't look at is the PPT, but how the treasury is spent and whether the spending matches the milestones. I'm most afraid of those who cover everything with the words "ecological support," with funds flowing into a bunch of consultants/BDs that I can't understand, while the code and on-chain data show little activity. To put it simply, if the expenditure structure is long-term dominated by marketing/publicity, with technology/security/audits just as decoration, it's probably just storytelling.

Milestones shouldn't just say "launch/partnership/expansion"; I care more about whether they can be quantified: for example, whether key contract upgrades are delayed, whether bug bounties are claimed, whether liquidity migration has reduced slippage. Recently, AI agents and automated trading have been quite popular; many people are touting "full automation," but I look to see if they clearly explain permissions, risk control, and rollback mechanisms. The more automated the interaction, the easier accidents happen. Never mind, I won't go into more detailed parameters; my own approach is: where the money is spent, whether there are corresponding traces on the chain, which basically can't be fooled.