Evaluating Web3.0 Projects Using Tools

Forward the Original Title： Essentials for Beginners: How to Evaluate the Reliability of a Web3.0 Project Using Tools?

Whether you’re a newcomer or an experienced participant, you will realize the significant “information gap” present in the Web3.0 field when stepping into this realm. In many cases, the success or failure relies on this “information gap”! Especially with the multitude of Web3.0 projects emerging, it becomes crucial, especially in the initial stages, to use tools to judge the reliability of a project. Without further ado, let’s dive into the essentials!

1. Utilizing Website Tools

Here is a recommended website: https://cryptorank.io/. This website allows you to get an overview of a specific project. For example, in a previous article titled “Two Low-Cost Projects for Beginners, Estimated at Least a Hundredfold Potential!” mentioned the Carv airdrop project. Let’s examine the credibility of this project step-by-step.

Step 1: Search for project keywords directly in the upper-right corner of the website.

Then you will see some key information about the project, such as the official website, official Twitter account, official Telegram account, etc.

As well as information about investors, partners, etc.

Step 2:

We can check the funding amount and valuation of this project; typically, projects with higher funding amounts and valuations have a greater likelihood of realizing activities such as airdrops.

Step 3:

We can use the following website to view various data for a specific project, such as user numbers, transaction numbers, etc.

https://dune.com/browse/dashboards

The picture below shows the relevant data of xpet. You can do your own research.

Step 4:

We can also use this website to conduct information queries. https://foresightnews.pro/

1. Information from the Project Team and KOLs

In addition to objective data from websites, we can search for information from the project team or Key Opinion Leaders (KOLs).

1) Evaluate the project’s popularity based on the richness of information in the news. 2) Check for official and partner endorsements. 3) Analyze predictions about the project’s future from KOLs. 4) Combine personal filtering and judgment to draw conclusions.

Note: The internet is filled with numerous spammers, which may be associated with the project’s interests. Therefore, be extremely cautious when discerning information online. Regardless of your current stage, it’s advisable to trace back to some projects before Web3.0: 1) Examine high-quality, long-term, and popular projects to understand why they garner more attention and consensus. 2) Study short-term projects that exit scam to identify commonalities and characteristics. 3) Evaluate the success rates and sustainability of projects recommended by KOLs or official sources. 4) Combine relevant data to form your own judgment.

Conclusion

All the content above does not constitute investment advice. If you wish to avoid being scammed in Web3.0, invest time in understanding the underlying logic. This will empower you to quickly recognize and navigate the next “information gap.”

Disclaimer：

1. This article is reprinted from[新知e站]，Forward the Original Title： ‘Essentials for Beginners: How to Evaluate the Reliability of a Web3.0 Project Using Tools?’，All copyrights belong to the original author [Eason]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
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