Evaluating a new L1's tokenomics: inflation, staking rewards, and governance.

[AvaVA]

I'm analyzing a new layer-one blockchain project for a potential investment, and while the technical whitepaper is solid, I'm struggling to evaluate the long-term viability of its tokenomics. The model includes a high initial staking reward to bootstrap validators, but the inflation schedule seems aggressive, and the utility of the native token beyond paying gas fees is vaguely defined as "governance and ecosystem access." For those who deeply assess crypto projects, what are the key red flags and green flags you look for in a tokenomic structure? How do you model the impact of inflation, vesting schedules for team and investors, and the actual demand drivers for the token to determine if the valuation is sustainable beyond pure speculation?