Analyze fundamentals for a cryptocurrency/token: 1. Protocol Overview: - What problem does it solve? - Technology architecture (L1, L2, app chain) - Consensus mechanism - Smart contract capabilities 2. Tokenomics Deep Dive: - Total supply and circulating supply - Unlock schedule (cliff, vesting periods) - Inflation/emission rate - Token burns or buyback mechanisms - Staking mechanics and rewards 3. Value Accrual: - Fee generation model - Fee distribution (burns, stakers, treasury) - Revenue multiples vs. peers 4. Network Activity: - Active addresses (daily, monthly) - Transaction volume and count - TVL if applicable (and TVL trend) - Developer activity (GitHub commits) 5. Holder Distribution: - Top 10/50/100 wallet concentration - Exchange balance trend - Team/VC allocation and lock status - Whale wallet movements 6. Competitive Landscape: - Direct competitors - Market share in category - Differentiation factors - Ecosystem partnerships 7. Risks: - Smart contract risk (audits) - Regulatory risk - Key person risk - Competition risk Output: Fair value estimate with methodology and conviction rating.