Market Meditations Project Analysis Template

MARKET MEDITATIONS PROJECT

ANALYSIS TEMPLATE
So, you want to do your own due diligence on projects and stop relying on
influencers. You’re in the right place. Our free project analysis guide gives you
everything you need to responsibly invest.

Presented in this guide is a series of questions, each belonging to a section that

falls under one of three categories.

● CATEGORY 1: OPERATIONS
○ Section 1 - Technology and Use Case
○ Section 2 - Roadmap
○ Section 3 - Security
○ Section 4 - Competitive Landscape

● CATEGORY 2: PEOPLE
○ Section 5 - Team
○ Section 6 - Third Parties
○ Section 7 - Community

● CATEGORY 3: TOKENOMICS
○ Section 8 - Utility
○ Section 9 - Incentives
○ Section 10 - Fairness
○ Section 11 - Scarcity

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Market Meditations Project Analysis Template

To answer the questions, you will require access to the project’s website,
social media profiles, and whitepaper.

Any time a project’s white paper is not available, assign it a red flag and move
on. Moving forward with investing in a project that does not provide this
information is gambling.

All questions include guidance on what constitutes a good project as well as

what constitutes a red flag.

After answering all the questions in a section, return to the beginning and
assign a score (from 1-5).

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Scoring Guide

1 - Red Flag

Throughout the document, you will find guidance for the assignment of a red
flag. A red flag can easily justify walking away from a project.

2 - Below Average

Assign at discretion using the guidance. Sections receiving this score are at a
big disadvantage.

3 - Average

Assign at discretion using the guidance. Sections receiving this score are
unremarkable, giving no bias in either direction.

4 - Above Average

Assign at discretion using the guidance. Sections receiving this score are
strong, indicating an advantage.

5 - Exceptional

Assign at discretion using the guidance. This should be a rare rating indicating
a high likelihood of success.

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Market Meditations Project Analysis Template

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Market Meditations Project Analysis Template

OPERATIONS Score:_______

1. Technology and Use Case

Technology can single-handedly make or break a project. Projects using existing

technologies with known security vulnerabilities or deprecated versions with extremely
slow transaction speeds/throughput should be flagged.

1.1 What is the problem this project is trying to solve?

In order to be successful, a project must successfully identify a demand it intends to meet. If

there is no reason to use a project’s product, assign a red flag. Target projects that aim to
solve well-known problems easily found throughout the crypto community, including social
media platforms like Crypto Twitter.

1.2 How is it a solution to this problem?

You must be able to identify and assess how the project solves the above problem and how
effectively it does so. If the proposed solution is ineffective, assign a red flag. Don’t skimp on
this. Familiarize yourself with, and understand the method being used to solve a problem.

Additional Considerations:

If the technology used has known flaws, or extremely controversial uses, it should be assigned
a red flag. A new project based on a fork of the Terra network would qualify as an example of
a project deserving a red flag.

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2. Roadmap

Roadmaps illustrate where a project is going and how it plans to get there. It is important
that the roadmap provides clear, specific goals that adequately document the progression of
a project.

2.1 Is the roadmap current and up to date?

A neglected roadmap is indicative of poorly run operations. This document should display
up-to-date information at all times. Severely neglected roadmaps, or the absence of a road
map deserves a red flag.

2.2 Is it comprehensive, featuring detailed steps for every objective?

Some roadmaps list broad objectives and are divided into quarterly goals. A good roadmap
should identify individual projects like testnet launches, coin offerings, and audit
completions.

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3. Security

Security is a measure of how safe a project is. Be sure to identify any past exploits and
vulnerabilities and pay attention to measures taken to safeguard against potential future
threats.

3.1 Have any audits been completed? Are the audits provided by reputable firms?
How was audit feedback implemented?

Identifying which audits carry weight in the space is invaluable. Make sure any completed
audits come from reputable firms. Read the audit reports to see how any vulnerabilities were
addressed. The absence of audits or lack of satisfactory responses to identified security threats
should be assigned a red flag.

3.2 Have there been any attacks on the projects? What effect did the attack have?

Sometimes attacks on a project can mean a death sentence. If there have been any, assess how
severely it impacted the project.

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3.3 Is the code open-source?

Open-source code is more thoroughly vetted. If the code is available to the public, it’s more
likely to identify threats before they play out.

3.4 Is there a bug-bounty program?

These programs are frequently tested by white-hat hackers looking to claim the reward for
identifying security threats. If a project has an open offer to reward hackers, it’s much more
likely its security has been tested.

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4. Competitive Landscape

How crowded is the market for this project?

4.1 How saturated is the area of focus?

This is a numbers game. If the project is offering another PFP NFT, it faces an uphill battle.
Targeting projects with innovative solutions to ever-present problems is ideal. Research how
heavily concentrated the competitive scene is.

4.2 How much demand is present for the solution being offered?

Sometimes technological innovations present new problems. If a new problem arises that
substantiates demand for a solution, a high number of projects are likely to compete to be first
to market.

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PEOPLE Score:_______

5. Team
Assess the team’s qualifications in terms of ability, communication, visibility, and
responsiveness.

5.1 Does the team inspire confidence in its ability to execute the project’s vision?

Team members need to give you a reason to have faith in their ability to deliver the project
they’re promising. Find team members and their credentials using resources like LinkedIn and
appraise their qualifications. Target industry-relevant experience.

5.2 Are there any controversial events surrounding any of the team members?

Any team member's involvement in scandal or litigation should be assigned a red flag.

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5.3 How well-staffed is the project team? Are there multiple developers assigned to
different areas, or does it look like a single or few developers are being stretched
thin?

Some projects are well-suited to small teams, but most require specialized talent in different
areas. Teams consisting of personnel divided into different departments like marketing,
front-end and back-end development, community management, etc are ideal.

Additional Considerations:

If a team wishes to remain anonymous, it’s suspicious. Assign it a red flag.

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6. Third Parties

Investors, partners, and advisors speak volumes about a project's value.

6.1 Which investors are currently engaged in the project?

Establish a list of investors with good track records. Quality over quantity is the name of the
game here. Populate this list by researching funds and individual investors who have a history
of successful endeavors.

6.2 Which advisors are aiding development?

The list of advisors should be populated with industry professionals capable of guiding the
project in the right direction, or well-known personalities able to draw marketing attention.
Find these persons on resources like LinkedIn or other social media platforms.

6.3 Which financial partners does the project have?

These should receive special attention, as they can forecast the likelihood of a project’s success.
Financial partners fall under the same assessment criteria as investors (6.1).

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Additional Considerations:

The absence of any third-party involvement should be assigned a red flag.

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7. Community

Community support is critical for success. User-count standards vary across project genres.

7.1 How big of a following does the project have?

Vet social media platforms such as Twitter, Discord, Telegram, YouTube, Medium, etc, then
compare the number of members to those of similar projects. The absence of any, or very little
community presence is a red flag.

7.2 Does the community focus on profits or function?

Projects with the highest chances of success have communities organically interested in using
the project, not chat servers full of people spamming “WEN MOON?”. Find communities with a
focus on fundamentals.

7.3 Does the team engage with the community?

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Look for AMAs, responses to questions and comments in the chat, and Tweets. The more
engagement team members have with their communities, the better.

TOKENOMICS Score:_______

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8. Utility

Without a solid use case, speculation is most likely the only reason a token could get
traction.

8.1 Is there organic utility for the project’s token?

The utility of a token can include a wide variety of mechanisms, but it must be present in some
form. Without a use, the only reason for a token to appreciate in price is speculation. Absence
of utility is grounds for a red flag. Ask yourself if the utility of a token has an organic way to
create demand for its use.

9. Incentives

Incentives are another key area used to quantify the reasons to hold a project’s token.

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9.1 What incentives are there to entice users into purchasing and holding the
project’s token?

Staking rewards, governance rights, and airdrop possibilities rank highly on the list of ways
projects can incentivize token holdings.

10. Fairness

Token allocations can reveal a lot about a team’s motives. Scrutinizing how tokens will be
distributed can easily identify both red flags and quality opportunities. Generally speaking,
the more tokenomics favour community over investors, the fairer they are.

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10.1 How many tokens are being sold at a discounted price before becoming
available to the community or public?

If team members and private investors get the lion’s share of tokens before they hit the open
market, assign it a red flag.

10.2 What are the vesting terms?

If tokens received are immediately accessible without being subject to vesting periods, they
could be sold at the first hint of price increase. The longer the lock-up and release schedule,
the better. Projects with very short or no vesting requirements are automatically assigned a
red flag.

10.3 What is the distribution?

Team allocations higher than 25% are cause for concern, while allocations of more than 35%
are outright red flags. If tokens are distributed in a way that grossly favours a small number
of team members/investors, be careful.

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11. Scarcity

Projects need to have a means of regulating the supply of tokens. Burning mechanisms are
the most common method used.

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11.1 Are there any deflationary mechanisms?

If tokens are inflationary, they must be offset by a means to remove some from circulation.
Without the presence of burning mechanisms or long-term lock-up incentives (as featured on
Curve, for example), inflationary tokens should be assigned a red flag.

Congratulations! You have reached the end of the workbook. You can now review the
scores you have assigned to each section For ease, you can also populate this table.
Assess the proportion of 4s and 5s against lower scores to see if this project is worth
investing in.

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SECTION SCORE

Technology and Use Case

Roadmap

Security

Competitive Landscape

Team

Third Parties

Community

Utility

Fairness

Scarcity

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