DYOR — "Do Your Own Research" — is one of the most repeated phrases in crypto. The space has seen countless scams, rug pulls, and failed projects. Here's a step-by-step checklist for any project you're considering.
⚠️ No amount of research eliminates risk entirely in crypto. Even well-researched projects can fail. Never invest more than you can afford to lose completely.
Your DYOR checklist
Start with a basic internet search
Search the project name alongside "scam", "review", and "ICO review". Look for red flags: lawsuits, team controversies, negative community sentiment, or reports of failed promises.
Read the whitepaper
Every serious project publishes a whitepaper explaining what they're building. If there's no whitepaper — or it's vague and full of buzzwords — treat that as a major red flag.
Research the team
Who built this? Are the founders publicly named? Look them up on LinkedIn. Do they have relevant experience? Have they worked on other projects — and did those succeed or fail?
Examine the tokenomics
What's the total supply? Is a large percentage held by the team with no lock-up period? Is the supply inflationary or deflationary? CoinMarketCap and CoinGecko both display basic tokenomics.
Check social media presence
Look at Twitter/X, Telegram, and Discord. Is the community active and genuine? Are there real conversations, or just promotional posts? Genuine projects welcome questions and criticism.
Review the GitHub activity
For technical projects, code should be publicly visible on GitHub. Active, recent commits show the team is actually building. No updates in a year despite ongoing marketing is a warning sign.
Seek independent reviews carefully
Read independent analysts on CoinBureau, Messari, and The Defiant. Be aware that many YouTube reviews are sponsored by the project itself — always check before relying on them.
Common red flags
- Promises of guaranteed returns or "100x" gains
- Pressure to "buy now before it's too late"
- Anonymous or unverifiable team
- No whitepaper, or one that's mostly marketing
- Team holds a very large percentage of supply with no lock-up
- Celebrity endorsements (often paid promotions or outright scams)
- Heavy focus on referral schemes or getting others to invest
💡 Remember: buying a cryptocurrency gives you no legal rights, no voting rights, and no claim on any company's assets. You're betting on market sentiment.