Analyzing the Evolution of the Crypto Assets World from a Historical Perspective

The history of Crypto Assets is filled with ups and downs. Turning the pages of this journey, we find that each page hides the words "dreams of getting rich quickly." However, upon closer examination, we can see the truth - this field is full of speculation and risk.

Crypto Assets Twitter ( CT ) has become an important part of this industry. As a practitioner focused on projects and data, I have been paying attention to protocol development and learning from the project experiences of others, rather than chasing hot topics.

Recently, a new trend has emerged on CT - "verbal speculation". This phenomenon reflects the market's desire for quick profits. In this regard, the Kaito project has successfully connected project parties and opinion leaders ( KOL ) through standardized marketing and the concept of "mining".

Kaito's success lies in creating a communication platform between project parties and KOLs, which is similar to the model of some internet products. It has become another project that can continue to operate after issuing tokens, following StepN.

Kaito is not a completely original concept, but rather a fusion of the essence of Chinese information flow over the past decade, reflecting this from media frameworks to promoting KOL competition.

Group Chat Era: 2018-2021

The period from 2018 to 2021 was an important stage in the development of Crypto Assets. Although the industry at that time was relatively simple, mainly revolving around Bitcoin and mining, investors held a steadfast belief that "Bitcoin would rise."

During this period, professional content production (, dominated by user-generated content, began to rise with KOL ). The "3 o'clock community" in 2018 is considered the starting point of this trend, with WeChat groups and AMA ( (Ask Me Anything) becoming the main marketing methods.

The inclusion of some well-known investors, such as Shen Nanpeng, marks the beginning of mainstream recognition for this niche field. AMA can be seen as a way to issue information assets, WeChat groups serve as the publishing platform, while the "3 o'clock community" is equivalent to the mainstream trading platforms of that time.

Although KOLs appeared early on, the "Battle of a Thousand Media" is still primarily dominated by traditional media forms. This is because the market recognizes the combination of traditional media people and brands, and it is also at the tail end of the peak period for entrepreneurship in the self-media industry.

The period from 2017 to May 19, 2021, is considered the best era for Crypto Assets, without a doubt.

The Brief Prosperity of Twitterscan: 2022

The regulatory policies on May 19, 2021, led to a massive migration in the industry, completely changing the information advantage of Chinese media. Prior to this, Chinese media dominated the world's largest computing power and consumer market.

However, after the policy changes, Crypto Assets gradually became mainstream overseas. From venture capital to listing coins, Silicon Valley and Wall Street gradually took control of every link. Chinese media had to adjust their stance and re-establish connections with overseas project parties.

With the disappearance of some quality content creators, the Chinese Crypto Assets user community on Twitter appears to be at a loss. The trend of KOLs has truly begun, with those focusing on technology and investment research taking the lead.

In 2022, the market suffered a heavy blow, and the technological narrative gradually collapsed. Against this backdrop, the group of KOLs (Key Opinion Leaders) welcomed development opportunities. Twitterscan emerged in this environment, helping users discover market trends by organizing crypto users and content on Twitter.

However, a key issue facing Twitterscan is how to achieve a commercial closed loop. Unlike other information flow products, Twitterscan finds it difficult to generate revenue through paid APIs or user tiering.

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Friend Tech: Chip Entrepreneurship in 2023

In 2023, Friend.Tech conducted the first stress test on the monetization capabilities of KOLs. Unlike Twitterscan, FT encourages KOLs to trade their "influence" and even to create false influence among themselves to stimulate trading volume.

As the first blockbuster application after Coinbase launched Base, FT's daily active users once exceeded 100,000. However, from August 10 to September 1, FT's daily revenue fell from a peak of 1,165 ETH to nearly zero. Although there was a rebound later, and it even received investment from Paradigm and plans to issue tokens in 2024, these measures had limited effects.

FT's experience proves two points: first, the content itself is difficult to monetize directly and can only serve as an intermediary for information flow and capital flow; second, the SocialFi model has repeatedly failed, and in the field of Crypto Assets, there is currently only one replicable model, which is "asset issuance".

![Deconstructing Kaito: Is it a "standard part" of Twitter InfoFi?])https://img-cdn.gateio.im/webp-social/moments-19a1600a9f9df03539f7e486cea2b2f5.webp(

Kaito's Strategy Shift: 2024-2025

Kaito was initially not focused on the KOL business but emerged as a product of the AI boom triggered by ChatGPT in the crypto assets field. However, Kaito seems to have realized the limitations of traditional blockchain explorer tools and the shortcomings of information analysis tools.

Kaito attracted KOL adoption through product strength. It successfully separated information flow and capital flow, allowing KOLs to focus on improving their rankings, while project parties identified KOLs through Yap. Kaito has effectively become the largest and most standardized intermediary in the market.

However, the $LOUD incident indicates that information flow platforms still face challenges in exploring more tokenization attempts. Nevertheless, Kaito successfully facilitated competition among KOLs, occupying an important position in the market.

In the future, Kaito's development direction may be to create products that can directly convert information flow into transactions. However, this goal is both simple and complex, as encryption users do not fully recognize the value of information flow, while liquidity remains the main driving force of the market.

![Deconstructing Kaito: Is it the "standard component" of Twitter InfoFi?])https://img-cdn.gateio.im/webp-social/moments-ea0458f6ece4130d1d723c06adb0b08e.webp(