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Kaito Ranking Project Analysis: The Attention Dilemma Behind Prosperity
Kaito Ranking: A Launch Tool for Projects or a Flash in the Pan?
The crypto market has long been driven by narratives. In 2025, a new attention-grabbing mechanism became the focus: the KaitoAI Earn leaderboard. These incentive activities reward early researchers, commentators, and meme creators (commonly known as "yappers") for generating hype before the project's launch in exchange for future token allocations.
Its operating model is as follows:
This method is indeed effective. Leaderboards can enhance exposure, trading volume, and social recognition. But the problem is:
Can this attention last?
Once the token issuance and airdrop are claimed, those active participants will turn to the next token issuance. Prices fall, trading volume shrinks, and participation gradually declines.
This article analyzes several projects related to Kaito to explore whether the hype can continue after the token launch. A trend is emerging: the narrative is designed to attract attention rather than to maintain heat.
Let's start with the SKATE project.
Skate: High trading volume, a large number of listed coins, and stagnation after Kaito
SKATE is a token related to the Solana modular gaming layer, which had strong momentum at launch. With support from multiple well-known exchanges and the extensively promoted Kaito Earn event, SKATE had ample liquidity and high visibility at launch.
The early trading of SKATE showed a good start. On June 10, the token's attention surged sharply, with the price once soaring to $0.06539, but then quickly retraced to around $0.05094, resulting in about a 22% pullback on the first day.
Subsequently, when other projects under Kaito went live, a similar trend was observed.
Social heat also peaked early but then quickly declined. Within 7 to 10 days after launch, Kaito contributors shifted their attention to new leaderboard projects and token activities, resulting in a significant drop in mentions and engagement.
Summary: Rotation is greater than retention
SKATE has all the favorable conditions: it is listed on major exchanges, has high liquidity, and is part of a reward-oriented Kaito ecosystem narrative. However, the attention on SKATE has not been sustained. Despite SKATE's daily trading volume being close to 140% of its market cap, SKATE remains a high turnover asset that no one holds for the long term.
The story of SKATE is similar to that of other tokens in the Kaito Earn ecosystem:
The market performance of SKATE further confirms the criticism aimed at the project driven by Kaito: high exposure, low user retention.
Huma: Launchpool hype, Kaito rewards 0.5%, first-day rotation amount reaches 300 million USD
Huma is a decentralized payment financing protocol (PayFi), which utilizes the complete technology stack of a certain trading platform and Kaito, and will issue its native token HUMA on May 26, 2025.
A trading platform's Launchpool event allows users to mine HUMA by staking BNB, FDUSD, or USDC from May 23 to 26. At the same time, Huma has also launched the Kaito Earn activity, allocating 0.5% of the total supply to three "Seasons."
First quarter allocation situation:
A trading platform will start trading at 21:00 on May 26 (UTC+8). As of May 27:
Despite the hype from Launchpool and Kaito Earn, most of HUMA's trading is rotational trading. The rewards for the first season can be claimed from day one, and the second season has also been announced, which has led to increased selling pressure rather than long-term holding.
After briefly stabilizing at around $0.05 in early June, the price continued to decline over the next month, falling by 40% from June 9 to July 7. This trend reflects not only profit-taking but also a lack of sustained demand. Daily trading volume shrank by over 90% from its peak on the first day, while the gap between FDV ($308 million) and actual market value ($53 million) continued to widen, further reinforcing the market's view that much of HUMA's appeal is driven by activity rather than the product itself.
Summary: HUMA showcases a typical Kaito Earn model: impressive data, huge liquidity, but lacks lasting appeal. Its launch aims to enhance visibility rather than to gain steadfast support, and due to the lack of practicality and demand post-launch, early attention comes quickly and fades just as fast.
Quai: Large-scale distribution, deep Kaito integration, strong launch... then fades into silence
Quai is a decentralized multi-threaded blockchain protocol that has launched the most generous and deeply integrated Kaito Earn program to date. From January 17, 2025, to April 17, 2025, the project will allocate a total of 6 million QUAI tokens to reward content contributors:
From April 29 to May 12, users can claim through the Kipper platform. Weekly snapshots track contributors, with several top yappers receiving up to 5.95% of personal recognition shares, far exceeding SKATE or HUMA.
Although the Quai mainnet was launched on January 29, the token could only be freely traded after the exchange data was released on February 22.
QUAI first day performance (February 22, 2025):
Subsequent trend: rotation, reversal, and a long cooling period.
QUAI is one of the most eye-catching new projects among the tokens under Kaito. Its price surged from $0.09884 to $0.2263 during the session, an increase of 129%, and finally closed at $0.1929, a rise of 95%.
But this is already the peak.
In the coming weeks:
The trading volume also indicates the situation:
Summary: QUAI has many advantages: a large distribution of Kaito, strong brand influence, a highly anticipated TGE, and strong early price trends. However, attention is shifting quickly. Even leading yapper has not been able to stabilize its secondary market interest.
The current trading price of QUAI has fallen below the issuance price and has not seen any significant rebound since March, which fully demonstrates that early liquidity does not equate to lasting confidence.
Soon: Integration with Kaito, a popular trading platform, and real-world testing
Soon, a high-performance Solana Optimistic Network (SVM-based rollup), hosted one of the most structured and community-driven Kaito Earn events at the beginning of 2025. During the 3-month event, 450,000 SOON tokens (approximately 0.045% of the total supply) were allocated to the top 100 yapper.
This event is not just a reward airdrop, but also integrates the brand image of SOON. Participating users will receive the "Sooner" role, badges, and social status, which reinforces that Kaito yappers are a key force in the early dissemination of SOON.
TGE and market launch: from heated discussion to soaring popularity
The SOON token was issued on May 23 and listed on a trading platform on May 24. The opening price of the token was $0.4527, briefly reaching $0.4776, with a closing price of $0.4007 on the same day. The trading volume on the first day surpassed $103 million, reflecting a significant amount of speculative activity and the amplification effect of the exchange.
Partial market indicators (as of July 7, 2025):
What happened after the first day?
After the initial excitement, SOON embarked on the now familiar post-Kaito era curve:
The recent plunge coincided with the end of the claiming period (June 23), after which many claimants may have sold their holdings, and attention has shifted to other Kaito activities.
Summary: The earlier you sell, the better?
SOON has all the elements for a successful launch: a strong foundation.