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After the launch of the Kaito leaderboard project, it is difficult to sustain, and the Token prices generally experienced a big dump.
Kaito Ranking: A Launch Tool or a Flash in the Pan?
The crypto market has always been driven by trends. In 2025, a new attention-grabbing mechanism became the focus: the KaitoAI Earn leaderboard. These incentive activities reward early researchers, commentators, and meme creators ("yappers") for generating buzz before the project launch in exchange for future token allocations.
The operational mode is as follows:
This method is indeed effective. The leaderboard can enhance exposure, trading volume, and social recognition. But the problem is:
Can this attention last?
Once token issuance and airdrops are claimed, those active players will turn to the next token issuance. Prices fall, trading volumes shrink, and participation gradually declines.
This article analyzes several Kaito-related projects to explore whether the hype can be sustained after the token launch. A trend is emerging: the narrative is designed to attract attention rather than to maintain heat.
Let's start with SKATE.
Skate: High trading volume, a large number of listed coins, and stagnation after Kaito
SKATE is a token related to the modular gaming layer of Solana, which launched with strong momentum. With the support of well-known exchanges for its listing and the in-depth promotion of the Kaito Earn campaign, SKATE had sufficient liquidity and high visibility at the time of its launch.
The early trading of SKATE showed a good start. On June 10, the token's attention surged sharply, with the price soaring to $0.06539 at one point, but then quickly retraced to around $0.05094, resulting in an approximately 22% pullback on the first day.
Subsequently, when other projects under Kaito were launched, a similar trend was observed:
The social buzz 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, leading to a significant drop in mentions and engagement.
Summary: Rotation is greater than Retention
SKATE has all the favorable conditions: listing on large exchanges, high liquidity, and 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 with no long-term holders.
The story of SKATE is similar to that of other tokens in the Kaito Earn ecosystem:
The market performance of SKATE further confirms the criticisms of the projects promoted 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 a certain trading platform and Kaito's complete tech stack, issuing the native token HUMA on May 26, 2025.
A certain 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, distributing 0.5% of the total supply across three "Seasons."
Distribution situation of the first season:
A trading platform will start trading on May 26 at 21:00 (UTC+8). As of May 27:
Despite the hype from Launchpool and Kaito Earn, most of HUMA's trading is rotational. 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, dropping 40% from June 9 to July 7. This trend reflects not only profit-taking but also a lack of sustained demand. The daily trading volume shrank by over 90% from its peak on the first day, while the gap between FDV ($308 million) and actual market cap ($53 million) continued to widen, further reinforcing the market's perception 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 lacking lasting appeal. Its launch aims to enhance exposure rather than 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 campaign to date. From January 17, 2025, to April 17, 2025, the project has allocated 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 some top-level yappers receiving up to 5.95% of personal recognition shares, which is significantly higher than 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's first day performance (February 22, 2025):
Subsequent trend: rotation, reversal, and a long cooling period.
QUAI is one of the most striking new projects among the tokens under Kaito. Its price soared from $0.09884 to $0.2263 during the session, an increase of 129%, ultimately closing at $0.1929, with 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 allocation of Kaito, strong brand influence, a highly anticipated TGE, and a strong early price trend. However, attention is rapidly shifting. Even the leading yapper has failed to stabilize its secondary market interest.
The current trading price of QUAI has fallen below the issuance price and has not seen a significant rebound since March, which fully illustrates that early liquidity does not equate to lasting confidence.
Soon: Integration with Kaito, the explosive Alpha trading platform, and real-world testing.
Soon, a high-performance Solana Optimistic Network (SVM-based rollup), hosted one of the most structured and community-cohesive Kaito Earn activities at the beginning of 2025. During the 3-month activity period, the project allocated 450,000 SOON tokens (approximately 0.045% of the total supply) 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 the key force behind the early dissemination of SOON.
TGE and Market Release: From Hot Discussion to Soaring Popularity
The SOON token was issued on May 23 and listed on the trading platform Alpha on May 24. The opening price of the token was $0.4527, briefly reaching $0.4776, with a closing price of $0.4007 on that day. The trading volume on the first day exceeded $103 million, reflecting a significant amount of speculative activity and the leverage effect of the exchange.
Some market indicators (as of July 7, 2025):
What happened after the first day?
After the initial excitement, SOON has followed 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 tokens, and attention has shifted to other Kaito activities.
Summary: The earlier you sell, the better?
SOON has all the elements for a successful launch: strong infrastructure promotion, a trading platform Alpha.