A billion-dollar fund manager's approach to crypto evaluation prioritizes governance and legal structure over traditional metrics. While retail investors focus on on-chain data and token utility, institutional capital asks harder questions: What enforceable rights do token holders possess? Are teams legally bound to any fiduciary duty? If buybacks happen today, what prevents management from scrapping them when convenient?

The core insight: at institutional scale, promises mean nothing without contractual control. The real test is whether token economics survive when incentives shift.