Right now its basically almost impossible to familiarize yourself with every project that others may perceive as "promising" as there is a constant torrent of new DeFi projects that are popping up left and right. I try to weed out the ones with a low market cap, a working product and a solid team, so I lower the chances of being dumped on after the initial hype subsides.
Very correct, there are many new projects especially DEFI focused and one has to be extremely selective when investing in these new projects. At a time, I can't invest in more than two new projects to reduce risk. Some people jump on any new DEFI project they come across, hoping it pays off soon, this is a very wrong concept of investment.
But you need to he carefully about new project, doing some research and deep analyse about the new project. I investing in new token namen called DAV Network, now the project is stopped and no any development.