An Analysis of Post-TGE Kaito Campaigns

Key Takeaways

• Post-TGE Kaito Leaderboards increased average and median monthly mindshare in 88% of projects analyzed, with gains ranging from single-digit to over 8,000%.
• Mindshare and account-level social media engagement have a strong positive correlation, suggesting Kaito campaigns generally act as a force multiplier for core messaging.
• Projects rarely experienced meaningful improvements in fundamentals, such as TVL or daily active addresses, unless they were concurrently running separate fundamentals-focused incentive programs.
• Net price action remained largely flat or negative, suggesting that investors tend to discount manufactured attention when it isn’t supported by improving fundamentals.
• Mindshare ROI varied widely, with projects paying anywhere from ~$200 to ~$8,000 per 100-basis-point increase in raw monthly mindshare.

Introduction