Investment field notes
Each note begins with an early-stage investment question, reconstructs how the headline metric was produced, and defines the evidence still required.
Four Filters for Testnet Traction
Testnet activity is easy to count and hard to interpret. A useful diligence view asks who generated it, what they were trying to accomplish, and whether they returned without a prompt.
Developer Retention Lives beyond the Repository
Commit counts describe motion. Retention requires a path from learning to building, deployment, and maintenance—each with different evidence.
Map Value Flow before Choosing Token or Equity
A company, protocol, foundation, and token can hold different rights inside one project. The structure only makes sense when value creation and control are traced across them.
A Ladder of Evidence for Technical Diligence
Architecture diagrams and audit reports begin the inquiry. Confidence grows when claims connect to code, deployments, incidents, and team response.
Put Institutional Constraints on the Product Roadmap
Interest can be abundant while procurement stays still. Compliance, custody, integration, budget, and ownership determine whether an institutional user can proceed.