Method & disclaimer

Where the data comes from

• On-chain data: transfers, balances and transactions read directly from blockchain nodes, without relying on third-party labels.
• Derivatives data: candles, open interest, long/short ratios and funding rates from exchanges' public APIs.
• Project materials: official docs, websites, audit reports and exchange announcements. Claims from second-hand pages are marked "unverified".

How we investigate

1. List the top holders and trace, one by one, where their tokens and gas came from, to see which wallets belong to the same entity.
2. Follow released and unlocked tokens and check whether they reached exchanges.
3. Line up on-chain spot flows with derivatives volume, open interest and order-book depth during price moves, to see what drove the price.
4. Check whether claims about the team, funding, revenue and buybacks are backed by verifiable public evidence.

How we score

Each issue scores 10 dimensions out of 10: product reality, technical verifiability, team transparency, token value capture, tokenomics, contract code safety, holder distribution, liquidity quality, derivatives structure and disclosure.

Fundamentals: higher is better. Trading risk: higher is riskier.

What we don't do

• No buy or sell calls, no trade signals, no advice on entries, leverage or position size.
• We don't call a project or a person illegal without evidence. Where the chain cannot show something (for example derivatives accounts inside an exchange), we say plainly that it "cannot be verified".
• We don't take payment from projects and don't publish promotional content.

Disclaimer

Content is based on public data available at the time of publication and may go out of date as on-chain conditions change. Probabilities and scores are the author's own judgement and are not investment advice. Crypto assets are highly volatile; make your own decisions and bear your own risk.

Times are UK time unless stated otherwise. The English edition is translated from the Chinese original; if the two differ, the Chinese version prevails.

Corrections

If you find a data error, or you are connected to a project we covered and can provide verifiable evidence to the contrary, please get in touch. Once verified, we add the correction and its time at the top of the original article.

Email: [email protected]