Research Methodology

ZUG WEB3 applies journalism and research standards drawn from financial reporting, technical documentation analysis, and regulatory intelligence to the Web3 ecosystem. This page describes our primary source categories, data sources, and editorial processes.

On-Chain Data Sources

Web3 is unique among subject areas in that a substantial portion of relevant facts are publicly verifiable on-chain. We treat on-chain data as primary evidence, subject to the interpretive limitations described below.

Blockchain Explorers and Indexers

Etherscan (etherscan.io): Ethereum mainnet transaction data, contract verification, token transfers, wallet balances, and protocol interactions.
Blockscout: Open-source explorer used for EVM-compatible chains including various L2s and parachains.
Subscan (subscan.io): Polkadot, Kusama, and Substrate-based chain data — extrinsics, governance votes, staking data, parachain activity.
Solscan: Solana chain data where relevant.
Tzkt (tzkt.io): Tezos blockchain data, smart contract interactions, and NFT activity.

DeFi and Protocol Analytics

DefiLlama (defillama.com): Total value locked (TVL) data across protocols and chains. We use DefiLlama as our primary TVL reference and note that TVL methodologies vary between protocols.
Dune Analytics (dune.com): Custom on-chain queries for specific protocol metrics, DAO treasury analysis, governance participation rates, and NFT market data.
Token Terminal (tokenterminal.com): Protocol revenue, fee data, and financial metrics for on-chain protocols.
Nansen: Wallet labelling and smart money flow analysis.
Messari (messari.io): Protocol research, standardised metrics, and regulatory research.

Limitations of On-Chain Data

On-chain data is not self-interpreting. TVL figures can be inflated by recursive borrowing. Governance participation rates may obscure plutocratic concentration. Wallet counts do not map to unique human users. We note these interpretive limitations in coverage where material.

Protocol Documentation

Protocol documentation constitutes primary technical evidence. We review:

Yellow papers and technical specifications: Ethereum Yellow Paper, Polkadot whitepaper, Gavin Wood’s JAM grey paper, Cardano Hydra technical specifications, and equivalent documents for covered protocols.
EIPs (Ethereum Improvement Proposals) (eips.ethereum.org): The formal specification process for Ethereum protocol changes. We track EIPs through the entire lifecycle: Draft, Review, Last Call, Final, and Stagnant/Withdrawn.
RFCs and governance proposals: Polkadot RFCs (github.com/polkadot-fellows/RFCs), Substrate change proposals, and equivalent processes for other covered protocols.
Audit reports: Smart contract security audits from firms including Trail of Bits, OpenZeppelin, Certik, Halborn, and others. We consider audit findings when assessing protocol risk.
Official developer documentation: Ethereum.org, Polkadot.network, Substrate documentation, and equivalent canonical documentation sites.

Governance Forums and On-Chain Governance

Decentralised governance decisions are primary events in the Web3 ecosystem. We monitor:

Ethereum Magicians (ethereum-magicians.org): Discussion forum for Ethereum protocol development, EIP discussion threads.
Ethereum Research (ethresear.ch): Academic and technical research discussion relevant to Ethereum’s roadmap.
Polkadot Forum (forum.polkadot.network): Governance discussions, treasury proposals, OpenGov referenda debate.
Commonwealth (commonwealth.im): Governance discussion platform used by multiple protocol DAOs including Aave, Compound, and others.
Snapshot (snapshot.org): Off-chain governance voting interface used by many DAOs. We distinguish between off-chain (Snapshot) and on-chain (executed by smart contract) governance votes.
Tally (tally.xyz): On-chain DAO governance platform; primary interface for Compound and Uniswap governance.
Boardroom: Governance aggregation and voting interface.

Regulatory and Legal Primary Sources

Swiss Regulatory Sources

FINMA (finma.ch): Guidance letters, circulars, enforcement decisions, annual reports, and press releases. FINMA’s 2018 ICO guidance and subsequent guidance on DLT securities, staking, and DeFi are primary regulatory sources.
Swiss Federal Gazette (shab.ch): Corporate registry filings for foundations (Stiftungen), associations (Vereine), and companies (AG/GmbH) registered in Zug and other cantons. We use registry filings to verify domicile and governance structure claims.
Swiss Federal Council: Federal Council reports and legislative proposals on blockchain and DLT regulation.
Swiss Parliament (parlament.ch): Parliamentary motions (Motionen), interpellations, and draft legislation relating to crypto regulation.
Swiss Federal Tax Administration (ESTV): Tax rulings and guidance on cryptocurrency, NFTs, and DeFi activities.

EU and International Regulatory Sources

European Securities and Markets Authority (ESMA): MiCA technical standards, guidance, and Q&A.
Financial Action Task Force (FATF): Anti-money laundering guidance on virtual assets, applied in Switzerland through AMLA.
Bank for International Settlements (BIS): Research on stablecoins, DeFi, and CBDC with implications for Crypto Valley.

Academic Research

We engage with peer-reviewed and working paper research from:

Social Science Research Network (SSRN): Working papers on blockchain law, DAO governance, DeFi economics, and NFT markets.
arXiv.org: Cryptography and distributed systems research underpinning protocol design.
Journal of Financial Economics, Review of Financial Studies, Management Science: Peer-reviewed empirical research on cryptocurrency markets and DeFi.
University of Basel, University of Zurich, ETH Zurich: Swiss academic institutions producing blockchain and law research relevant to Crypto Valley.
Cambridge Centre for Alternative Finance: The Global Cryptoasset Benchmarking Study and related research on developer activity and mining geography.

Expert Engagement

Where our analysis involves novel legal or technical questions, we seek input from practitioners in the relevant field. Sources include:

Swiss attorneys specialising in blockchain and fintech law (Lenz & Staehelin, MME Legal, Python law firm, and others active in Crypto Valley).
Protocol developers and engineers at Zug-based foundations and companies.
Academics at Swiss universities engaged in blockchain research.

We protect source confidentiality where requested and disclose when coverage reflects information provided under embargo or non-disclosure.

Corrections and Updates

Web3 protocols upgrade frequently. We update articles when significant protocol changes, regulatory developments, or factual corrections warrant revision. Updated articles carry a “Last updated” date alongside the original publication date. Corrections are noted within articles and, where material, via a correction notice.

What We Do Not Rely On

We do not treat the following as primary sources without corroboration from the sources listed above:

Project team marketing materials and press releases (treated as primary for announced intentions, not technical facts);
Social media posts (treated as commentary, not evidence);
Unaudited protocol metrics from project-controlled dashboards without independent verification;
Anonymous sources without editorial assessment of credibility and corroboration.

Questions about our methodology should be directed to: [email protected]