Why DYOR
DYOR or Die Trying!
Web3 did!
Crypto is the best channel to secure the bag!
These were the things I used to hear about Web3.
I then started my journey with that mindset, jumped on every alpha I saw on the TL and clicked on every link that I stumbled on just to print.
Everything was going on well
until I clicked the one that nearly tampered with my wallet and X account.
I nearly lost all I have built for years.
This made me take a step back to know if there were things I did wrong that pushed my account to be nearly sabotaged.
I started asking questions and I was asked by a friend:
"Do you make research before you ape in?"
There and then, I found out the number one mistake I made.
I didn't do my research before clicking that link!
What's DYOR?
For everything we do online, it's vital that we search about it to know more and how genuine it is.
DYOR simply means "Do Your Own Research".
Whether you are applying for a job, investing in a project, or buying a token, making your research about it is important.
This saves you from risks and avoids doing things blindly.
Why is Researching on your own necessary?
Just as my wallet and X account were nearly tampered with, so it is for some of us that don't make research when apeing on any alpha we stumble on.
When you do your own research, you:
1) Reduce the risk.
2) Understand what you are investing in or applying for.
3) Make the right decision.
4) Protect your money and time.
This helps you make your own opinion and decide if the investment you want to ape in is worth it or not.
What are the requirements needed to do your own research effectively?
In Web3, there are different things you need to know in order to make the right decisions whether investing, applying, or accepting a job offer.
Knowing the right tool to use for a particular purpose makes your research easier.
These include but are not limited to:
I) Available Research Tools
II) Major crypto news platforms
III) Research Mindset
IV) Analysis (Fundamental, Technical, and Sentiment)
I) Available Research Tools
The tool you choose depends on what you are researching. Here are some examples:
a) Token & Project Discovery:
Here, tools like CoinMarketCap, CoinGecko, CryptoRank and GetMoni are used to search for promising projects and investment opportunities.
b) Unlock & Raises: CryptoRank, Tokenomist, Dropstab and DefiLIama are used to track token unlocks, fundraising and vesting schedules.
c) Airdrops / Potential Airdrops: With bankless, DappRadar and airdrop_io, you can track ongoing and upcoming tokens drops.
II) Crypto News platforms: As an investor, having the right news source helps you stay active and make good decisions. With platforms like Cointelegraph, Blockworks, CoinDesk and Messari, you can know market trends, updates and insights.
III) Research Mindset: After knowing the available tools to research and the goal why you should, train your mind to search for inconsistencies, red flags before you ape into any project.
IV) Analysis:
a) Fundamental: Here, you research to know those behind the project, the whitepaper and where the project is heading to. Knowing if a project is worth apeing in will save your time and resources.
b) Sentiment: For every project, understanding the market perception and the community mood at large is a way to save yourself.
You need to know what people are saying about the project, if it is trending for good or not.
c) Technical: When investing in a project, it's crucial to note how the token is moving, how healthy or not the trading volume is and if there's support or resistance on the price.
Having concrete information before apeing into anything is very important.
And that's why DYOR shouldn’t be taken for granted.
Start now and grow later in researching to save yourself.
