Recently, a friend asked me, “Is the project actually reliable or not?” To put it plainly, I don’t trust anyone’s verbal promises, so I look into three things: GitHub, the audit report, and multi-sig upgrades. For GitHub, I won’t scrutinize every line of code, but I will check whether updates come in spurts, whether people are responding to issues—not just rushing out a massive burst of commits right before launching tokens. For the audit report, I only pick out the conclusions and the scope: what hasn’t been audited, which “known risks are left as they are for now.” Don’t just stare at a logo. Multi-sig is even more critical: how many people are involved, who they are, whether a single person can make final decisions on upgrades—and ideally there’s a timelock. Otherwise, today they say “decentralized,” but tomorrow you might not even realize they can change the rules with a single click.

Lately there’s been a lot of noise about NFT royalties, and it’s really similar: where the rules are written, who can change them, and whether there’s a buffer period before changes—all of that determines who ends up worse off between creators and secondary liquidity. In any case, the projects I’m looking at now feel like making paper sculptures—layer by layer, peeling things back… Sometimes on-chain pages take forever to load, and I still have to refresh/retry. Be patient; at least it’s less stressful than listening to KOLs.