01What does the token actually represent?
Describe the asset without using its brand name. Ask whether it provides network functionality, an issuer claim, a contractual right, or a representation of another asset. Being connected to a business does not automatically establish ownership of that business. The relevant documents should explain the investor’s actual interest.
02Who controls access?
Map who can authorize transactions and which procedures apply when access is lost, interrupted, or restricted. Distinguish software problems from credential problems and provider failures. Never put private keys or recovery phrases in a shared research note. A control map should explain responsibilities without exposing the credentials that grant them.
03Where does the economic return come from?
Investigate the payer, the payment asset, the conditions, and any additional obligations. More tokens received is not the same thing as a positive result measured in currency. Examine the exit path as carefully as the entry path, including trading, conversion, withdrawal, and the parties needed for each step.