Diligence

Track record in building and shipping systems that hold value; the technical depth of the core contributors; how the team has behaved through prior downturns; the cap table and who else is at it. Reference calls with prior investors, employees and counterparties are standard. Anonymous teams are declined.

Whether the product works, and whether Wesvel’s own engineers can use it. Architecture review, code and audit review where code is available, and where possible a period of actually running the product from the trading desk before investing. A protocol that the firm would not trust with its own capital is not a protocol it will fund.

Where a token is involved: what it does in the system, how supply is distributed and over what schedule, who holds the large allocations and when they unlock, how the treasury is controlled, and whether the design creates real demand or only reflexive demand. Vesting terms offered to the fund are compared with those offered to the team and to earlier investors.

Instrument type (equity, token warrant, simple agreement for future tokens, or a direct token purchase) and the rights attached. Jurisdiction of the issuer and of the fund’s holding entity. Regulatory exposure of the product itself. Transfer restrictions, information rights and the mechanics of eventual liquidity. Terms are reviewed by counsel before any commitment.