Keep two risk ledgers
Protocol and market risk belong to the asset ledger. Safekeeping, authorisation, continuity, and provider concentration belong to the holding ledger.
Separate ledgers reveal whether an attractive thesis is blocked by execution, or whether mature infrastructure is being mistaken for an attractive asset.
Interrogate support
A supported ticker does not guarantee support for every network event, fork, upgrade, or reward mechanism. Scope and exception handling matter.
Those details can alter benchmark construction, rebalance choices, and the availability of reliable valuation data.
- Legal and account structure
- Key and permission governance
- Network-event process
- Reconciliation and reporting
- Migration path
Model the operating clock
Markets may trade continuously while approvals, bank rails, and service teams follow bounded schedules.
Scenarios should expose the gap between a moving market and an organisation that cannot act immediately.
Promote constraints to the thesis
Implementation is not an appendix. It determines accessible data, feasible strategies, and available return sources.
A decision-ready note states the implementable boundary at the outset and describes what would have to change for the conclusion to move.