What is DYOR? Resources for Effective DYOR (2022)
The article outlines the concept of DYOR, a commonly used term in Crypto, as well as how DYOR works.
If you have read articles about Crypto on foreign websites, or tweeted on Twitter, you must have seen the word DYOR. So what does DYOR mean? How to properly understand the above term? Let's learn how to DYOR effectively with FoxCryptoNews!
What is DYOR?
DYOR stands for Do Your Own Research, which means advising readers to research and learn about a certain issue by themselves. This term is often placed at the beginning or end of the article as a disclaimer of the author about any actions that users will take based on the information in the article, especially in the field of information. Crypto field .
Purpose of DYOR
DYOR is placed in a regular article for the purpose of advising readers to learn more about the problem, not to listen to one way from the writer. This is especially true in Crypto, where a lot of people write well about the project they bought the token for before, in order to entice people to buy.
These projects are both good and bad. The good and bad here is that the project team really wants to build the product and go with Crypto for the long term, or just wants to get short-term profits.
In addition, DYOR, if used in knowledge, has the same meaning, which is to ask the reader to have a multi-dimensional perspective, to have a correct view of the subject in question. Because writers may only speak in a way they understand, or source, data may be flawed, leading to inaccurate information.
What to do when you see a DYOR warning? How to DYOR effectively
If you see DYOR, it does not mean that the information in it is not correct, and the writer uses DYOR to disclaim responsibility. The main purpose of DYOR is to warn us not to read and immediately believe what the author says.
Next, if the article has data or analytical graphs, it is necessary to see if the source of these numbers is trustworthy, or if the infographic has any errors.
Below are a few possible sources for the accuracy of information.
The White Paper, or white paper, is the most basic and standard source of information for any project. In the White Paper, there will be information about project definition, development roadmap, tokenomics,...
In addition, some projects will have Lite Paper versions, which are shortened versions of White Paper, helping readers get a quick overview of the project.
DeFi Llama, DeFi Pulse
Speaking of Defi, the most popular metric is probably Total Value Locked (TVL), which is the total value locked in a project. This number of assets is deposited by users to participate in project activities.
Therefore, to evaluate the effectiveness of the project, people often evaluate TVL. A high TVL means that the community is using the product a lot, and vice versa.
To look up TVL, there are two popular Web sites, DeFi Llama and DeFi Pulse. In there:
- DeFi Llama is used more because it can track TVL across many ecosystems, and divide projects into groups.
- DeFi Pulse can only view projects on Ethereum.
TVL is indeed effective for measuring project growth, but what "feeds" the project is revenue, not user input. So if someone tells the DYOR brothers about the project profits, Token Terminal is where we should go.
In Token Terminal, not only shows the revenue of each project, but also has a function to compare this index between projects. In addition, this page also supports calculating P/S, P/E of projects, so it is very convenient to compare the ratio of revenue to token price.
However, Token Terminal only supports featured project tracking. So many new projects come out or are not noticed by the community, you need to follow them on the project homepage.
CoinGecko, CoinMarketCap, FoxCryptoNews Markets
One of the most basic sites to check project token information is CoinGecko, CoinMarketCap. Here, you can know information such as total number of tokens, number of tokens in circulation, Fully Diluted Valuation...
DYOR is a funny term about self-study, but the meaning of this word is not small. Crypto is a place where a lot of profit can be made, so many scams will appear. If we do not equip ourselves with knowledge, we are the ones who lose money.
Which page do you usually "DYOR" on? You can comment below for everyone's reference.
Oct 05, 2022