Analyze a DeFi protocol: 1. Protocol Mechanics: - Type (DEX, lending, yield, derivatives, etc.) - How it generates revenue - Smart contract architecture - Audit history and security track record 2. TVL Analysis: - Current TVL - TVL trend (30D, 90D) - TVL breakdown by asset - TVL vs. market cap ratio 3. Revenue & Fees: - Daily/monthly revenue - Fee structure - Revenue distribution (token holders, LPs, treasury) - Revenue multiple vs. peers 4. Token Utility: - Governance rights - Fee sharing - Staking requirements - Liquidity mining incentives 5. Competitive Position: - Market share in category - Unique features/moat - Liquidity depth comparison - Integration ecosystem 6. Risk Assessment: - Smart contract risk - Oracle dependencies - Admin key risks - Liquidity concentration - Regulatory exposure 7. Investment Thesis: - Growth drivers - Catalysts - Risks to thesis - Comparable valuation Output: Protocol rating with investment recommendation.