Recently, new L1/L2 projects have started throwing incentives again to pull in TVL. In the group, old users are pushing in while cursing “Waditi Mai” (“mine-to-sell”). I’m pretty genuine too: I complain with my mouth, but my hand still clicks to confirm… But now when I look at a project, I’ll check three things first: GitHub, audits, and upgradeable multisig.

For GitHub, I don’t care about stars just to act cool—I mainly look at how frequently it gets updated, and whether they only do a sprint submission right before token issuance. And don’t be fooled by the audit report’s logo either—focus on whether there are any “high-risk unresolved issues / only partially addressed scope,” and whether the remediation records actually match up. Upgrading multisig is even more critical—plainly speaking, it’s about who can change the contract, whether the required number of signatures is sufficiently distributed, and whether there’s a time lock. Otherwise, you might think it’s DeFi, but in reality it’s just a back-office switch. Overall, it feels like a lottery booth that’s also like a gym: it’s definitely lively, but can it keep you from crashing long-term… Anyway, I’ll take a couple more looks before rushing in.