Problem and customer
What problem is solved, who experiences it, and what alternative is used today?
Investment framework
Twelve questions before capital moves.
A reusable diligence architecture for liquid tokens, private companies, protocols, infrastructure strategies, and funds.
Twelve questions
Turn the narrative into a decision record
Use the questions in sequence or as a gap analysis. Unknown is an acceptable answer; hidden uncertainty is not.
Blockchain necessity
Which feature requires shared state, digital ownership, open verification, or programmable settlement?
Security model
Who validates the state, what can fail, and how is failure detected, contained, and repaired?
Value flow
Where does economic value enter, which costs are paid, and where does any residual value go?
Supply and ownership
How do emissions, unlocks, treasury holdings, and concentration change future ownership?
Control
Who can upgrade, pause, mint, spend, replace providers, or change economic parameters?
Traction
Is usage retained, economically meaningful, and durable after incentives or partnerships end?
Verification
Which claims have been reproduced, independently reviewed, reconciled, or legally documented?
Custody and liquidity
How is the asset held, transferred, recovered, valued, and exited under stress?
Legal assumptions
Which jurisdictions, licenses, rights, transfer rules, or service providers are essential?
Portfolio role
What job does the position perform, what is the loss budget, and which risks are duplicated elsewhere?
Exit evidence
Which event breaks the thesis, reduces size, or requires a new decision memo?
Decision memo
One page should reveal the logic.
The memo should be short enough to update and specific enough for another analyst to challenge.
A
Thesis and instrument
State the expected change, beneficiary, time horizon, and why this token, equity, fund, or contract captures it.
B
Evidence and confidence
List the critical assumptions, evidence source, date, confidence level, and missing verification.
C
Risk and position rule
Define maximum exposure, liquidity and custody limits, dependencies, downside scenarios, and loss budget.
D
Monitoring and exit
Record catalysts, review cadence, thresholds, thesis-break events, and the owner of each follow-up.
Core guides
Go deeper on the highest-friction questions
Blockchain Investment Due Diligence: A 12-Question Framework Before Capital Moves
A practical research system for separating network facts, business-model assumptions, token claims, custody risks, and exit constraints before committing capital.
Read the analysis
How to Read Tokenomics: Supply, Unlocks, Demand, and Value Capture
Learn how to test token supply, emissions, unlock schedules, utility, fee flows, governance, and value capture without confusing a protocol narrative for an investment case.
Read the analysis
Building a Blockchain Investment Thesis: Portfolio Construction Without Token Chasing
Translate convictions about blockchain adoption into explicit exposures, sizing rules, time horizons, monitoring signals, and exit conditions instead of a list of trending tokens.
Read the analysis
Blockchain Venture Capital: Evaluating Teams, Traction, Treasuries, and Runway
A venture diligence framework for founder-market fit, product evidence, network adoption, treasury design, financing structure, regulatory exposure, and follow-on risk.
Read the analysis
Digital Asset Custody: Institutional Controls for Keys and Counterparties
A control framework for private keys, authorization, segregation, recovery, transaction policy, service providers, evidence, and incident response.
Read the analysis
Stablecoin Due Diligence: Reserves, Redemption, Liquidity, and Governance
Evaluate stablecoins by liability structure, reserve quality, redemption mechanics, liquidity, operational dependencies, governance, and stress behavior.
Read the analysisUse the full 12-question walkthrough.
The long-form diligence guide explains the evidence, failure tests, and decision memo behind every question.