From On-Chain Data to Project Research: Understand a Crypto Project the Systematic Way

A collection of original long-form articles organized around "how to research a crypto project" — covering research methodology, tokenomics, on-chain data analysis, smart contract security, DAO governance, exchange proof of reserves, oracles, bridge security, team & developer activity, and airdrop/Sybil detection — full details in each guide. Content on this site is for learning and research reference only and does not constitute any form of investment advice.

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Perp Liquidation Check: Last Price Is Not the Mark cover image — FEATURED Mark Price Perp Liquidation Check: Last Price Is Not the Mark Perp liquidation reads the mark, not the last trade on the chart. If the mark-last gap exceeds the distance from last to the liquidation price, do not call the position safe. Read more → L2 Data-Fee Check: Wallet Gas Is Not the Receipt Cost cover image — FEATURED Data Fee L2 Data-Fee Check: Wallet Gas Is Not the Receipt Cost Wallet gas on an L2 is usually execution only. Add l1Fee from the same receipt. If the data leg is over half the total, do not write the wallet figure as the transfer cost. Read more → L2 Confirmed Check: A Wallet Tick Is Not L1 Finality cover image — FEATURED Soft Confirm L2 Confirmed Check: A Wallet Tick Is Not L1 Finality A wallet tick in two seconds is sequencer soft confirmation. Compare the L1 batch inclusion and beacon finality, and write settled as clocks, not a green check. Read more → Lending Utilization Check: Displayed APY Is Not Capacity at Your Size cover image — FEATURED Available Liquidity Lending Utilization Check: Displayed APY Is Not Capacity at Your Size Displayed supply APY is the marginal rate at current utilization. Check cash, utilization and target size on one block so a high yield is not written as executable at research size. Read more → LST Exit Queue Check: Secondary Volume Is Not Consensus Withdrawal cover image — FEATURED Exit Queue Check LST Exit Queue Check: Secondary Volume Is Not Consensus Withdrawal Unstake anytime often treats a DEX print as a beacon withdrawal. Compare the validator exit queue, sweep delay and near-tick depth, and write instant size as a number. Read more →
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Sector Index Verification

DeFi Sector Market Cap Verification: This Index Can Be Dominated by a Single Token

When crypto media reports that "DeFi sector market cap rose X% today," it's easy to assume this reflects broad-based activity across the entire DeFi ecosystem — but this so-called "DeFi sector market cap" is really just a weighted index a data platform sums up based on some token categorization standard, and that index's weight distribution can be highly concentrated. If a single token accounts for over a fifth of the index's weight, that token's own price move alone is mathematically enough to dominate the entire "sector's" direction, with little relation to the real performance of the other hundred-plus DeFi tokens. Using real DeFi sector market cap composition data pulled from CoinGecko's public API, this guide breaks down how to verify the real weight concentration behind a "DeFi sector" move. For research purposes only, not investment advice.

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Fee Revenue Verification

DEX Fee Revenue Concentration Verification: Real Revenue Is Even More Concentrated Than TVL Behind "Hundreds of DEX Protocols"

When crypto media reports that "the DEX sector is thriving, with hundreds of protocols in bloom," the evidence cited is usually protocol count or aggregate TVL — but the more direct measure of whether a protocol is genuinely being used at scale is fee revenue: every real trade generates a fee, and this figure is hard to prop up with marketing narrative alone. Using real DEX fee data pulled from DefiLlama's public API, this guide breaks down why fee revenue concentration is often even more extreme than TVL concentration, and how to verify the real revenue distribution behind an "ecosystem thriving" claim. For research purposes only, not investment advice.

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Protocol Valuation Verification

DeFi Protocol Market Cap to TVL Ratio Verification: "Protocol Size" and Token Valuation Are Not the Same Thing

When crypto media reports that "a protocol's TVL has surpassed $X billion, an impressive scale," it often implies that number is equivalent to the protocol's own value — but TVL (Total Value Locked) measures third-party assets deposited by users into the protocol, while the protocol token's market cap reflects the market's valuation of the token itself. These two figures can differ by tens or even hundreds of times, especially for liquid staking and bridge protocols, where TVL can reach tens of billions while token market cap is a small fraction. Using real TVL and market cap data pulled from DefiLlama's public API, this guide breaks down how to verify whether a "protocol size" claim refers to locked assets or token valuation. For research purposes only, not investment advice.

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Peg Deviation Verification

Stablecoin Peg Deviation Verification: Daily Close or Intraday Low — Which One Is the "Depeg" Claim Using

When crypto media reports that a stablecoin "briefly depegged," it rarely specifies whether that deviation was measured using the daily closing price or the intraday low trade price — the same stablecoin on the same day might show a daily-close deviation of only a few basis points, while an extreme intraday moment could be ten times larger, and the two methodologies describe entirely different risks. Using real 90-day daily price data for USDC and USDT pulled from CoinGecko's public API, this guide breaks down how to verify which methodology a depeg report is actually using, and why daily-close data systematically hides brief intraday depegs. For research purposes only, not investment advice.

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Trading Volume Structure Verification

Bitcoin Spot vs. Perpetual Trading Volume Verification: Who's Actually Behind a "Volume Surge" Headline

When crypto media reports "Bitcoin 24-hour trading volume surges," it almost never breaks down how much of that number comes from spot trading versus perpetual futures — spot volume reflects real asset changing hands, while most perpetual volume is the same capital repeatedly opening and closing leveraged positions. Using real spot and perpetual volume data pulled from CoinGecko's public API, this guide breaks down how to verify whether a reported volume surge reflects genuine buying pressure or just leveraged turnover. For research purposes only, not investment advice.

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Volatility Metrics Verification

Bitcoin Historical vs. Implied Volatility Verification: Which "Volatility Spike" Headlines Are Actually Citing

When crypto media reports "Bitcoin volatility spikes," it rarely specifies which kind of volatility it means. Historical volatility (HV) is a backward-looking statistic calculated from actual price changes over a past window, while implied volatility (IV) is backed out of current option prices and reflects the market's forward-looking expectation of future movement — the two can move in opposite directions at the same moment. Using real historical volatility data pulled from Deribit's public API, this guide breaks down how to verify which type of volatility a report is actually citing, and what it means when the two diverge. For research purposes only, not investment advice.

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NFT Valuation Verification

NFT Floor Price and Market Cap Verification: How Far the Displayed Floor Is From Real Sale Prices

The "floor price" an NFT marketplace displays is the lowest current listing price in a collection, and "market cap" is usually just that floor price multiplied by total supply — but both metrics carry systematic interpretation traps. Floor price can be manipulated by a single tiny listing, and market cap assumes the entire collection could sell simultaneously at the floor price, an assumption that almost never holds in reality. Using real NFT data pulled from CoinGecko's public API, this guide breaks down the gap between floor price and real average sale price, and how to verify whether a collection's displayed market cap figure is meaningful. For research purposes only, not investment advice.

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Fund Recovery Verification

DeFi Hack Fund Recovery Rate Verification: What "Funds Returned" Headlines Actually Mean

Whenever a large DeFi hack occurs, media coverage often follows up with stories like "the hacker agreed to return part of the funds" or "white hats stepped in to help recover the loss," leaving an impression that most losses eventually get clawed back. But laying out the real recovery data across every recorded hack tells a very different story — the overall recovery rate is far lower than that narrative suggests. Using DefiLlama's public hack-tracking database, this guide breaks down how to verify a specific incident's recovery status, and why isolated high-profile cases shouldn't be used to infer the industry-wide recovery rate. For research purposes only, not investment advice.

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APY Composition Verification

DeFi APY Composition Verification: How Much of the Displayed Rate Is Base Interest vs. Token Rewards

The single APY number a DeFi protocol displays is usually the sum of a 'base interest rate' and a 'token reward rate,' but the two differ enormously in sustainability and real value — base interest comes from borrowers actually paying interest, while token rewards' real value depends on whether that token can hold its current market price going forward. Using real protocol yield data pulled from DefiLlama's public API, this guide breaks down how to verify each component's share of a displayed APY, and the hidden risk in the token-reward portion. For research purposes only, not investment advice.

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USDT Cross-Chain Security

USDT Cross-Chain Transfer Security: Network Selection, Bridge Checks, and Recovery Pitfalls

Moving USDT across chains can go wrong long before a transaction fails: a same-name token may be a different contract, a bridge page may be a clone, or a fake recovery agent may appear when funds are delayed. This guide connects USDT fundamentals, exchange on/off-ramp route planning, bridge checks, and DeFi/on-chain security into a practical response plan. For learning and research only — not investment advice.

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USDT Beginner Guide

USDT Beginner's Guide: Exchange On/Off-Ramp Tutorial and DeFi Security Checks

Most people hit the same wall the first time they touch USDT: what is USDT, why does it stay "stable" at $1, how do you buy and withdraw it on an exchange, and once it's in your own wallet, what actually makes it safe. This article ties together USDT fundamentals, a full exchange on-ramp/off-ramp tutorial, and DeFi/on-chain security checks in one place, aimed at beginners. For learning and research only — not investment advice.

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DePIN Compute Network

DePIN Compute Network Verification: Is the Compute Real, Is the Demand Real

A methodology breakdown of DePIN compute network verification: how proof of physical work separates real compute from fake compute, how to tell external demand apart from self-sponsored usage, the design of node fault penalty mechanisms, and whether tokenomics is aligning with real revenue.

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