The first 90 days are about validating market structure.

Focus on signals that reflect liquidity quality, supply absorption, and demand durability — not vanity metrics.

1. Liquidity Quality

• Bid-ask spreads (target stability within defined bands)
• Usable depth within ±0.5-2%
• Slippage for standardized trade sizes
• Order book stability during volatility

2. Volume Composition

• Organic vs. incentive-driven volume
• Spot vs. derivatives volume ratio
• Concentration of trading across venues
• Maker vs. taker balance

3. Supply Dynamics

• Circulating supply growth vs. original projections
• Unlock schedule adherence
• Large wallet distribution trends
• Net exchange inflows / outflows

4. Derivatives Metrics (if applicable)

• Funding rates and persistence
• Open interest relative to spot liquidity
• Liquidation events during volatility

5. Demand & Retention

• Active wallets interacting with utility
• Staking participation rates
• Token velocity (turnover relative to float)

The objective is to determine whether demand is absorbing supply in an orderly way. Early warning signs typically appear in spreads, depth, funding imbalance, and unlock-driven flow before they show up in narrative sentiment.