How to go about analyzing and evaluating a project?

I was reading a post by a fellow community member about dead projects and I'm wondering what's the best way to go about analyzing a project?

For example, Stellar - one of the original blockchains, focused on retail payments in emerging markets, has a large network of on and off ramps, but no I hardly hear any chatter or discussion about it.

They appear to have a great executive team, really talented, and the project appears solid from a retail cross border payments perspective.

I asked a friend's opinion and he seemed really disinterested in it. In fact, although I can't remember exactly what he said, he had this concise answer regarding how the project isn't going anything.

Another example, Gnosis or Tezos. Lots of talent behind the project, not doing much.

All these projects have a huge treasury, too. And they're just sitting on it.

So in conclusion, what's the best way to go about analyzing and evaluating a project?