DYOR or Bust: 5 Essential Research Tools for the (Successful) Web3 Investor

The fast-paced web3 space is known for being high risk and low regulation. If you’re interested in investing in web3 technologies and want to make informed decisions, it is crucial that you conduct thorough research and due diligence. In this post, we provide tips on how to effectively conduct Do Your Own Research (DYOR) using 5 essential DYOR tools available for free right now. Read on if you want to maximize your chances of success in the web3 world!

Top 5 Essential Web3 Research Tools

It is essential that you DYOR to understand what you are investing in and help mitigate risks as well as increase the chances of success.There are many ways to gather data for research, here are 5 of our favorite tools:

1. CoinGecko: CoinGecko is a comprehensive cryptocurrency market data platform that provides information on over 6,000 coins and tokens. It offers price data, market capitalization, and other metrics that can be useful when evaluating a project’s token.

2. LinkedIn: LinkedIn is the go-to platform for individuals to establish a professional presence and is an excellent starting point for analyzing a project’s team and company. However it’s important to note that anyone can write anything about themselves on LinkedIn so verify claims through other sources such as press releases, company websites and references.

3. DefiLlama: Defi Llama is an open-source data aggregator across different blockchains. It covers over 2000 DeFi protocols across 160 chains. DeFi Llama provides all sorts of data on blockchain and DeFI usage statistics from Total Value Locked (TVL), volumes, users, and companies raising funds. This is an excellent tool for DeFi investors to get an understanding of the overall picture of DeFi trends and user behavior.

4. Dune Analytics: Dune Analytics is an on-chain data analytics platform allowing anyone to query data on the blockchain. The platform provides data visualization and extraction and is a must-have for any serious crypto investor.

5. Discord: Keeping track of endless discords can be the bane of a web3 investor's life. A time-saving hack is to create your own server and follow announcement channels from projects you’re monitoring. Simply go to the project’s server announcement channel and click “Follow to get this channel’s updates in your own server”.

Other DYOR Resources

Using the tools outlined above can help you improve your due diligence process and make more informed investment decisions in web3. Here are three other useful resources to consult to boost the DYOR process:

1. Web3 communities: Participating in web3 communities, such as forums and social media groups, can be a great way to gather information and insights from other investors and experts. It’s important to be cautious when gathering information from these sources, as anyone can post information and not all information may be reliable.

2. Project’s social spaces: It’s good to get involved in the project’s own space to get a feel for the community behind the company. This can be on discord, reddit, telegram or twitter. Check out where the company is engaging its followers and get involved. Often you can get direct access to the team, ask questions, participate in events and meet other people who use the product or hold the coin and get first-hand information on the project’s developments.

3. Google: Google can be a useful resource for finding information on web3 projects. By searching for the name of a project and related keywords, investors can find news articles, community forums, and other sources of information.

Go forth and DYOR

With the increasing presence of community VCs, launchpads, and NFTs, there are now a variety of ways for individuals to invest. The tools we have presented in the article are a non-exhaustive list and hopefully will help strengthen your ability to sift through potential investments, find the best projects with the highest opportunity while avoiding ones that won’t give a good return. So, go forth and DYOR with confidence! For more content like this follow NGMI Lab on Twitter here