Course 09 · Crypto Project Research

Crypto Due Diligence: research before exposure.

A practical course by Azalia Martinez covering crypto due diligence, project research, team verification, tokenomics analysis, liquidity, smart-contract and operational risk, market structure and the red flags that deserve investigation before capital is committed.

Course overview
Instructor Azalia Martinez
Main topic Crypto project due diligence
Research focus Team, product, tokenomics & market structure
Risk focus Liquidity, security & operational dependencies
Principle Verify the thesis before pricing the opportunity
Why due diligence matters

A convincing story is not the same as a verified project.

Crypto due diligence begins when marketing claims are converted into questions that can be researched.

Digital asset projects often combine technology, finance, token incentives, online communities and rapidly changing markets.

That combination can make a project appear stronger than it is if the analysis focuses only on a website, social activity, token price or a compelling narrative.

This course teaches a structured research process for separating claims from evidence, understanding the economic and technical dependencies behind a project and identifying where additional verification is still required.

Four layers of due diligence

Research the project as a business, network, asset and risk system.

A useful crypto due diligence framework looks beyond one data point and asks whether the different parts of the project support the same thesis.

01 / PROJECT

Product & Business

Understand what is being built, who may use it and what problem the project is attempting to solve.

02 / PEOPLE

Team & Execution

Research who is responsible for delivery, what can be verified and where execution depends on key individuals.

03 / ASSET

Token & Market

Examine token utility, supply, ownership, liquidity and the economic assumptions behind demand.

04 / RISK

Technology & Dependencies

Identify smart-contract, custody, platform, infrastructure and operational risks.

Research process

Move from claim to evidence to decision.

01 / DEFINE

Identify the Claim

What exactly is the project saying about its product, technology, users or economics?

02 / VERIFY

Look for Evidence

Separate statements that can be independently checked from those that remain unsupported.

03 / CONNECT

Test the Economics

Ask whether product use, token demand and business logic support one another.

04 / STRESS

Look for Failure Points

Identify what could break if liquidity, price, growth or infrastructure deteriorates.

05 / DECIDE

Define What Is Still Unknown

A due diligence conclusion should make remaining uncertainty visible rather than hide it.

Project research map

Every crypto thesis should survive more than one type of question.

A strong token narrative does not compensate for an unclear product, weak liquidity or unverifiable execution assumptions.

The course teaches learners to connect separate research areas into one view of the project rather than reviewing each part in isolation.

Problem What real problem or market need is the project addressing?
Product What exists today and what remains only on the roadmap?
Team Which claims about the people involved can be verified?
Token Why does the ecosystem need the digital asset?
Liquidity Can meaningful exposure realistically enter and exit the market?
Risk Which assumptions could materially damage the thesis if they fail?
Course curriculum

From project claims to a repeatable due diligence framework.

The curriculum combines business analysis, token research, liquidity, technology and red-flag review.

01

Crypto Due Diligence Fundamentals

Understand the purpose of due diligence and why research should separate evidence from marketing claims.

02

Project & Product Research

Examine the problem, proposed solution, product status and practical user need.

03

Team Verification

Learn how to evaluate publicly available team information and distinguish verifiable facts from unsupported positioning.

04

Business Model Analysis

Understand how the project expects to create value, fund operations and sustain activity over time.

05

Token Utility

Evaluate whether the token has a meaningful function inside the product or network.

06

Token Supply & Distribution

Review supply, allocations, concentration, vesting and future token availability.

07

Liquidity & Market Structure

Examine volume, market depth, spreads, trading venues and practical entry or exit conditions.

08

Smart Contracts & Technical Dependencies

Understand which parts of the project depend on smart contracts, blockchain networks and external infrastructure.

09

Custody & Operational Risk

Review wallets, administrative controls, platform dependencies and other operational exposures.

10

Community & Adoption Signals

Learn to distinguish genuine usage indicators from marketing activity, audience size or social momentum.

11

Crypto Red Flags

Identify inconsistencies, unverifiable claims, concentration, unrealistic assumptions and missing information.

12

Building a Due Diligence Report

Organize findings into verified facts, assumptions, risks, unresolved questions and a clearer research conclusion.

Research philosophy

The purpose of due diligence is not to prove that you were right to become interested.

Once a project becomes attractive, confirmation bias can turn every new piece of information into evidence supporting the original view.

A stronger research process actively looks for information that could weaken, invalidate or materially change the thesis.

01 Separate project claims from independently verifiable information.
02 Research the product before becoming attached to the token.
03 Do not use social popularity as a substitute for adoption.
04 Study token concentration before assuming supply is decentralized.
05 Test the thesis under weaker liquidity and lower token prices.
06 Write down what remains unknown instead of forcing a conclusion.
Crypto due diligence red flags

Signals that deserve deeper investigation—not automatic conclusions.

A red flag is a reason to research further. Context still matters, but unresolved inconsistencies should not be ignored.

01 / TEAM

Claims that cannot be independently verified

Important experience, partnerships or achievements should not be accepted solely because they appear in project marketing.

02 / PRODUCT

Roadmap presented as existing functionality

Future plans and currently usable products should be clearly separated during research.

03 / TOKEN

Unclear reason for the token to exist

A token can add economic complexity without creating meaningful product utility.

04 / SUPPLY

Concentrated ownership or large future unlocks

Current circulating supply may not show how much token availability can change later.

05 / LIQUIDITY

Headline volume without usable market depth

Reported activity alone does not prove that meaningful positions can enter or exit efficiently.

06 / NARRATIVE

Urgency replacing evidence

Pressure to act quickly can make unresolved questions feel less important than they are.

Evidence quality

Not every source deserves the same weight.

Higher-confidence research

Information you can connect to evidence.

The strongest research conclusions usually come from information that can be checked rather than repeated.

Publicly observable product functionality
Verifiable technical or blockchain data
Clearly documented token supply mechanics
Consistent information across independent sources
Lower-confidence research

Information that needs additional confirmation.

Marketing statements can still be useful, but they should be treated as claims until better evidence exists.

Promotional statements without supporting evidence
Anonymous claims repeated across social media
Future partnerships or adoption presented as certain
Price performance used as proof of project quality
Who this course is for

For people who want to research crypto projects before trusting the narrative.

01 / INVESTORS

Digital Asset Investors

People researching projects before deciding whether they justify portfolio exposure.

02 / RESEARCHERS

Crypto Researchers

Learners who want a repeatable framework for evaluating projects beyond market sentiment.

03 / FOUNDERS

Web3 Founders

Teams that want to understand the questions external analysts may ask about their own project.

04 / TEAMS

Investment & Project Teams

Groups needing a clearer framework for project screening and unresolved-risk analysis.

Educational scope

Due diligence can improve research. It cannot guarantee that every hidden risk will be discovered.

The course teaches a research framework and methods for organizing uncertainty. It does not certify projects as safe investments.

The course helps you understand

How to structure crypto project research.
How to evaluate product, team and business assumptions.
How to analyze token utility, supply and distribution.
How to review liquidity, technology and operational dependencies.
How to organize red flags and unresolved questions.

The course does not provide

! A guarantee that a researched crypto project is safe.
! A prediction of future token prices.
! A guarantee that all fraud, technical flaws or hidden risks will be detected.
! An endorsement of specific projects or digital assets.
! Individualized regulated investment, legal or tax advice.
Course FAQ

Crypto due diligence questions.

Common questions about project research, token analysis and crypto due diligence.

What is crypto due diligence?
Crypto due diligence is a structured research process used to evaluate a digital asset project, including its product, team, business model, token structure, liquidity, technology, operational dependencies and unresolved risks.
What should I research before evaluating a crypto project?
Useful research areas can include the project problem, product status, team information, token utility, supply, distribution, liquidity, technical dependencies and the assumptions behind adoption or economic sustainability.
Does crypto due diligence include tokenomics?
Yes. Token utility, supply, distribution, vesting, ownership concentration and liquidity can all be relevant parts of a wider crypto due diligence framework.
What are common crypto project red flags?
Examples include important claims that cannot be verified, unclear token utility, concentrated ownership, large future unlocks, limited liquidity, unrealistic assumptions or inconsistencies between marketing and observable evidence.
Can due diligence prove that a crypto project is safe?
No. Due diligence can improve the quality of research and identify known or visible risks, but it cannot guarantee that every hidden problem, future failure or loss will be avoided.
Does Azalia Martinez provide crypto project due diligence consulting?
A separate Crypto Project Due Diligence consulting page is available for project-specific research and structured analysis outside the general educational course.
Research before exposure

Know what is verified, what is assumed and what is still unknown.

Learn how product research, team verification, tokenomics, liquidity and risk analysis can become part of a more disciplined crypto due diligence process.

Educational disclaimer

Due diligence cannot guarantee project quality, token performance or protection from loss. Crypto projects involve market, liquidity, technical, operational and other risks.

The Crypto Due Diligence course is provided for general educational purposes. It discusses project research, team verification, business models, tokenomics, liquidity, technology, operational dependencies and risk analysis. It does not certify any project as safe, recommend specific digital assets, guarantee that all hidden risks will be detected or constitute individualized regulated investment, legal or tax advice.