Sigh, at midnight I was doom-scrolling X again and saw a bunch of chain game liquidation charts. The economic model is collapsing even faster than I imagined—studios and retail users are racing to outdo each other, and once inflation kicks in, the coin price spirals straight downward.

Honestly, when I look at projects now, I’m getting more and more scared. I used to think that if a GitHub has stars and the audit report has lots of pages, that’s basically NB. But after getting backstabbed by a multisig upgrade from a certain protocol recently, I realized you really have to look closely. Not everyone can understand the “disclaimer” and “known risks” in an audit. People write that long list of stuff, and after a beginner reads it they just get dizzy. It’s really not as good as directly checking the project team’s commit frequency, how many people actually sign the multisig, and whether upgrades require a time lock.

Anyway, this is what I do now: first glance to see whether the audit firm is the kind of “chicken” that you can’t even verify, then check GitHub to see if there have been any suspicious commits recently. As for the multisig address, it’s best to go check on-chain yourself and look at the signature distribution. It’s a hassle, but at least it’s better than watching your position go to zero in the middle of the night.

Forget it—tonight I’m not going to grind. My sentiment indicator tells me the whole market is panic right now, so I’ll lie flat and eat some ice cream. 🍦