How do we evaluate crypto projects with actual use vs theoretical use cases?

[George.J]

I'm trying to develop a better framework for evaluating crypto projects with actual use. Too many projects have great whitepapers but no real users. What metrics do you look at to determine if a project has genuine utility? I'm thinking about things like daily active users, transaction volume for actual services (not just trading), and partnerships with real businesses. How do you separate crypto projects with utility from those that are just speculative assets?