On the flip side, what type of projects do I prefer? Do they have a demo? If they do, I’ll check if the gameplay design is innovative. If not, I’ll look at whether the website design shows effort. Next is the sector. Has this sector had any successful cases before? What does the ceiling look like? Do they have a sustainable profit model? Lastly, I’ll look at TVL. Especially before any promotions, what was their TVL like? This is particularly important for Perp DEX-type projects. There are also some indirect indicators, like the frequency of Twitter updates and the background of their partners. If the project is really good, I’ll also ask around through KOL channels to see if there’s any private sale or if the founders have any shady history. You also need to differentiate between types of projects. Some projects need to keep building for a while before they issue tokens, while others are basically scams that you can speculate on for short-term gains. Especially for the latter, it’s impossible to tell from public information alone if it’s a scam. The most obvious difference between these two types of projects is: The former is usually infrastructure-focused, and the team’s consistent statement is “no token plans for now.” There’s a period of time between the project’s initiation and its fundraising. The latter, on the other hand, starts with a big fundraising round, has a flashy background, but no product demo. Shortly after fundraising, they’ll roll out multiple investment channels targeting retail investors, like NFTs or presales. The reason you can speculate and make some money on the latter is mainly because of good connections, the right sentiment, and getting in and out early. Once I describe these two types of projects, I think everyone can naturally categorize them in their minds. However, for retail investors who don’t have a solid foundation and are also juggling Web2, doing their own research is really tough. The information on Twitter, unless explicitly marked as sponsored, is hard to distinguish. And without enough information channels, it’s difficult to verify what’s true or false. Usually, after getting burned by one or two projects, people just quit the space. On the other hand, trading in contracts or meme coins, which are pure PvP with adrenaline-pumping excitement, seems to align more with the current traffic trends on Twitter.