A few days ago, I mentioned Bitway on Binance Wallet, which will have its TGE in late January. The complete tokenomics model will be released before the TGE. As one of Binance's selected Booster projects, it’s confirmed to launch on Binance Alpha on the day of the TGE. This time, Bitway has chosen to collaborate with Kaito Launchpad, which I think is like giving every ordinary user a ticket to participate. Some newbies might be hearing about Kaito for the first time. Let me put it this way: Kaito is essentially a Launchpad + participation management platform for crypto projects. Its core function is to help projects with distribution while screening and managing participants. It’s not just a platform for selling allocations; it’s more like a structured tool for determining "who can participate, how to participate, and to what extent." Recent discussions around Kaito have focused more on participation mechanisms like Yaps. Personally, I think these mechanisms mainly affect how we, the general users, participate, but the distribution and management work still lies with the Launchpad. In this context, participating in a public sale makes it easier to distinguish whether it’s driven by FOMO and short-term speculation or based on long-term judgment of the project itself. Here’s an overview of the public sale: Valuation: $80M FDV, lower than the previous $100M institutional valuation Fundraising size: $1M, cap at $2.4M, max 3% of total supply Unlock schedule: 50% on TGE day, 50% three months after TGE Lastly, let me add another perspective: Bitway, having already completed its fundraising and resource positioning, still chose to collaborate with Kaito. Could there be some hidden cards yet to be revealed? So far, Bitway has raised over $5.8M from leading institutions and venture capital firms, including TRON, HTX Ventures, and HashKey Capital. HTX and Sun Ge have already entered the game—who will be the next "guest" to join?