• "DYOR"

     ArtReYou updated 1 week, 1 day ago 4 Members · 4 Posts
  • Are

    2021-04-06 at 7:47 pm

    DYOR stands for “Do Your Own Research” and is a common phrase used by cryptonauts, it is also an essential part of taking care of your funds.

    Shilling is a common practice in cryptocurrency where people tend to advertise the coins that they own in hopes of positively affecting the price. Quite often, it can be difficult to distinguish the difference between a shill or an unbiased post. When purchasing any cryptocurrency, it is advised to make the decision on your own before investing, and not just because someone else has said it.

    To help you out on this quest, I’ll give you some pointers on: “How to DYOR”:

    Firstly, you need to identify which project you’re going to be looking into (obviously), and what type of project it is (whether it be a smart contract platform, DeFi governance token, Lending protocol, Oracle, Privacy-focused, etc.)

    And while you’re at it, is there any direct competition? Or does the new project bring new utilities to the table? Or even better, does it try to solve existing problems?

    Who is the team behind it? Had they success with previous projects? Are they well known or completely anonymous?

    How is their social media presence? Check their Twitter, Telegram, Medium articles and so on.

    Do they have a roadmap?

    How does the community feel like and behave? A community full of pump & dump degens are not ideal to say the least.

    A vital part of your research is to look at the tokenomics and everything that comes with it.

    How do the tokenomics look? Is it a deflationary asset? Inflationary?

    Current supply & max supply, also a vesting schedule (if available) is important to consider.

    Was it a fair-launch? Or was there pre-mining? How does the distribution regarding all wallet holders look? (Use blockchain explorers for such information. A wallet holding more than 30% of the total supply is a no-no for example.)

    If the project involves smart contracts, read those! It’s also good to point out: Most serious projects are transparent, sometimes even open source. Reading the documentations is advised.

    Audits are nice, but they are still no guarantee. Fake-audits are also a thing.

    There is a lot of shady stuff going on in the crypto jungle, that’s why doing your own research is so important!

    So, don’t get rekt, do DYOR & share your experiences or anything I should add 😄

    • This discussion was modified 1 week, 5 days ago by  Are.
  • davorg

    2021-04-06 at 9:44 pm

    thx Are 🙂

  • Goku

    2021-04-07 at 2:39 pm

    Awesome summary. Don’t get rekt by scammy projects. The bigger the hype around a project is, the less time people put into research as FOMO kicks in

  • ArtReYou

    2021-04-10 at 5:50 pm

    👍 THX

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0 of 0 posts June 2018