Key takeaways:
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Builders: Look for active repositories, steady commits and external validation to confirm real progress.
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Usage: Fees and retained revenue matter more than hype — use clean, consistent definitions.
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Liquidity: Depth and spread across venues show true tradability, not inflated volumes.
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Token design: Check float, fully diluted valuation and unlock cliffs to spot supply overhang.
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Security: Audits alone aren’t enough — review who conducted them, when they were done and how upgrades are controlled.
Being early to the table means spotting…
