Lux

Today, while discussing investment research within our team, we realized something important: the more investment research an average user thinks they have done, the easier it is for them to get “reverse-rugged.” This is a critical pitfall you must avoid. Whether you are a retail investor, operating as a team, or running a studio, if you want to avoid being exploited in 2026, remember this clearly: 👉 Do not rely on X (Twitter) as your primary or single source for understanding a project. You might respond: “Of course I don’t only use X. I also check the website, whitepaper, KOL content, project discovery platforms, fundraising data, and founder backgrounds to make a comprehensive judgment.” That’s exactly what we did last week. And that’s how you’ve already made this well-known mistake. Why do we say this? Our team has previously worked on project promotion and operated as a marketing agency. We understand very well: - How KOL posts are coordinated and produced Where fundraising and investment information actually comes from - How SEO works - How whitepapers are packaged and “polished” Here is the uncomfortable truth: 👉 More than 90% of the information from the channels mentioned above can be fabricated. Yes—you read that correctly. Ninety percent. If you want to truly research a project, here is what you should be doing instead: 1. Deep-dive into the founders’ past projects Investigate what the founders have built before. Use your network, resources, and private channels to understand: - What good things they have done - What unethical or questionable things they may have done Do not get fooled by “pig-butchering” projects that constantly rebrand and change skins. Ironically, the information channels mentioned earlier are exactly what these projects are best at manipulating. 2. Analyze on-chain data yourself Go directly to tools like Dune, Bubble Maps, and similar platforms to analyze addresses and summarize real data. You may think everything you see is real—but on-chain data is much harder to fake. 3. Stop being airdrop-driven in the early stage Do not rush to farm or spam interactions just for airdrops. Instead, deeply experience the product: Is it usable? Does it actually work? Is it genuinely useful? My belief is simple: What Web3 needs now is long-term thinking and real utility—not short-term speculation.

How Perpetual Futures and AMMs Turn Tiny Liquidity into Massive Price Manipulation 🧵$LIGHT was launched on December 10, marketed as a “Bitcoin ecosystem project.” Within a few days, the price increased dozens of times. Then, in less than one hour, it fell from $4.8 to $0.8. This was not an accident, and it was not rare. It followed a pattern that has already played out many times.The core issue is not speculation, sentiment, or bad timing. It is the interaction between thin spot liquidity, AMM pricing, and perpetual futures.

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