Key takeaways: 

• Builders: Look for active repositories, steady commits and external validation to confirm real progress.

• Usage: Fees and retained revenue matter more than hype — use clean, consistent definitions.

• Liquidity: Depth and spread across venues show true tradability, not inflated volumes.

• Token design: Check float, fully diluted valuation and unlock cliffs to spot supply overhang.

• Security: Audits alone aren’t enough — review who conducted them, when they were done and how upgrades are controlled.

Being early to the table means spotting real progress before the crowd: teams shipping useful code, people actually using the product and designs that won’t collapse at the first unlock or exploit.

There’s plenty to sort through….