Farming on GitHub until my eyes feel sore... Recently, some people have been using ETF capital flows and U.S. stock market risk appetite to explain crypto ups and downs. I do take a look too, but honestly, that’s just “external signals.” Whether the protocol is actually reliable still has to be checked by peeking into its internal structure.

For beginners who want to read “credibility,” I usually look at three things first: whether the code repository is actually alive (not just a pile of commits on the token launch day, then everything goes silent afterward), whether the audit report addresses specific issues and how they were fixed (if it only says “generally good,” that’s just a placebo), and whether upgrades can be made in a one-click way with multi-signature approval. Multi-signature itself isn’t a crime. The key is who the signers are, how high the threshold is, and whether there’s a timelock/delay to give everyone time to react—otherwise, no matter how thick the audit is, a single upgrade can still change the rules.

Anyway, whenever I see “upgradable + multi-signature,” I first flip through the repository, the audit reports, and the permissions table. If I can’t make sense of it clearly, I just treat it as if I didn’t see it... so I don’t get carried away by emotions.