At the time of Yap coin issuance, 1~ The main theme of this article is not about milk or spray, but about my understanding of Kaito and Yap from a closer perspective, followed by some previous stories. As is well known, my main business is primary market investment, and I have been living in my current institution for 20 years. Data has always been the track we pay attention to. There are three major data analysis products in the 20-year cycle: Debank (DEFI), Dune (Contract), and Nansen (Alpha). I invested in Debank, gave Dune TS, and reported Nansen's quota (neither of the latter invested). DEFI Sez, I have always believed that blockchain will be on chain driven in the future, so I have been keeping an eye on similar projects. When did I first meet Huyu? Maybe it was 21 years ago in a natural group? At that time, our identities were all leeks of currency speculation. Later on, during their first round of financing, they planned to create a search engine that aggregates various sources of information, allowing users to search with just one click. At that time, my impression of him was that he was an entrepreneur with a great background and a lot of aura. In that round, he received a lot of money from some amazing institutions, including TradFi, Sequoia, Dragonfly, and so on. At that time, there were many projects like this, and the entrepreneur Web2 had a lot of prestige, but the products they made did not have PMF coins, such as Braintrust (which is also a magical story). So I passed that round of investment. We are in the second round of financing for Kaito, and I remember writing the report on April 17, 2023. The entire communication should have been two months ago (I'm too lazy to read it specifically). At that time, the main reason for investing was that the product had really been developed and it was no longer a search engine, but rather SaaS, which seemed like a fool would pay for it. There were so many traditional big brothers among the investors, and it seemed that there were sales channels. The existing investors were really fierce (yes, @ 0xsudom), and then I found an opportunity for traffic distribution myself (the original words at that time were that the project had excellent potential for traffic distribution in the future, and could generate value well in the application dominated market trend). The sentence is:. Another potential reason is that I met Huyu offline and found out that he really has dreams for the industry (having dreams is always great). I went to a meeting and IC chose to invest out of trust in me. By the way, at that time, I also voted for 0xScope and Flipside (which I didn't vote for, but I agreed with), and I thought they could become the new generation of data standards when I put them together (the stories of the remaining two will be told later). In the following six months, to be honest, no one knew about Kaito. The sales targets were mainly some secondary funds, and the Alpha power of social media data products was average, so it could not handle the purchase of retail investors (to be honest, the price was not aimed at retail investors). The attempts to make AI robots were also lukewarm. And then how did you get up? I think institutional products cater to a group of wealthy foundations that may not fully understand the community, such as EF and Eigenlayer. There are also a bunch of first tier fund analysts (such as myself) who need to quickly find some references when writing an eight stock investment report. Coincidentally, the market was good and Meme became popular. Everyone's Twitter was more inclined, and coupled with criticism of VC coins, this group of foundation members felt panic and needed to listen to the voices of the community. Therefore, in the first half of 2024, the sales of Kaito institutional products skyrocketed. Then there's Yap. To be honest, there were many coincidences behind the emergence of this thing. At first, I remember it was the decentralization of Kaito's way of obtaining data, similar to how everyone uploaded their own content (I really can't remember exactly, my memory has been poor lately). Then, as we talked and found that these foundations that didn't understand the community seemed more valuable, we started to focus on incentivizing CT content and the idea of foundations paying for it. To be honest, I thought this would be successful, but I didn't expect it to be so successful. It is also a positive benefit during the most intense window of CT contradictions and the anxiety period of the bull market. People cheer or criticize for their own bags, which attracts a lot of attention to Kaito. This is probably the story before Kaito's product was launched