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InfoFi Trinity "Mouth-Looting" Guide: Kaito, Cookie, and Galxe
Over the past week, the cryptocurrency market has been sluggish, but "mouth-looting" has gained attention as a new way to participate. This article focuses on the three major "mouth-looting" projects: Kaito, Cookie, and Galxe. In the past week, the market has been in a tug-of-war, with the overall cryptocurrency market falling into a slump. Both price performance and community discussion热度 have been as stagnant as a dead pool. However, in this silence, a new way of participation has increasin...
The Quiet End of an Era: How Wallets Lost the Battle for Traffic to CEXs
An era has quietly come to an end. Wallets, as standalone products, seem to have reached their twilight. Struggling with profitability, they are increasingly being acquired or integrated by centralized exchanges (CEXs) or traditional fintech giants, becoming mere components of larger ecosystems—such as stablecoin payments—rather than the focal point of industry development.The Decline of Standalone WalletsFor entrepreneurs in the space, persistence has become a virtue in itself. The goal? Sur...
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From SynFutures to AI Agents: A New Era for DeFAI The product form of AI Agents is more suited to appear as embedded service middleware, which helps to bring the trading experience back to the simplicity and intuitiveness of Web2. The revival of the AI Agent track will not be driven by "CA engineers" who excel in performance, but by "product engineers" who focus on practical implementation. In the midst of a market sentiment storm caused by the collective failure of on-chain PVP leaders and t...
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In the early hours of February 15, 2025, at around 6 a.m. Beijing time, Argentine President Javier Milei posted a tweet on his official X account that sent shockwaves through the market: he announced the launch of a Meme coin called Libra and shared the related smart contract address. The market reacted with a mix of skepticism and excitement. Some believed Milei's account had been hacked, while others, seasoned Meme coin investors, rushed into the market regardless of the authenticity. Initially, LIBRA's price surged to $7.8, with a total market value reaching $3.5 billion. However, the market soon turned against LIBRA, with its price plummeting from over $4 to around $2, then to a brief plateau at $1, and finally to approximately $0.16. The dramatic fall left many investors with significant losses.
President Milei later deleted the tweet and claimed limited knowledge of the project. KIP Protocol, the company behind the project, clarified that LIBRA is part of a private initiative called "Viva la Libertad," aimed at funding small projects and local businesses in Argentina to stimulate economic growth. KIP Protocol emphasized that the project is entirely private and that President Milei was not involved in its development. However, the project's website indicated that any private enterprise in Argentina could apply for funding by filling out a form.
The profit-takers in this scenario were the project's team and early whales. According to blockchain analytics platform LookOnChain, eight wallets associated with the LIBRA team cashed out $107 million through liquidity provision and transaction fees. Early whales and insider traders also made significant profits, with one address netting at least $20.18 million. These traders prepared funds on major exchanges, bought LIBRA immediately after Milei's tweet, and sold out in batches as the price rose.
Investor outrage has largely been directed at KIP Protocol, which some believe orchestrated the entire event. KIP Protocol has been accused of orchestrating the entire event, with some suggesting it may have ties to Animoca, though Animoca has denied any involvement in the LIBRA token launch. The confusion was further compounded by Moonshot, a platform that allowed users to search for projects via contract addresses but did not verify them, leading to a false impression of LIBRA's legitimacy.
Adding to the drama, Solayer founder Chaofan Shou and engineer @tonykebot claimed to have lost over $2 million in the LIBRA fiasco, and they have threatened to take action against KIP Protocol. Shou posted a list of KIP Protocol's core members and hinted at potential legal action. Meanwhile, KIP Protocol has stated that it will release a detailed plan for the LIBRA token and that the funds raised will be transparently accounted for. The company also clarified that it was not involved in the token launch or marketing, which was handled by Kelsier Ventures.
The Argentine government has also weighed in, with President Milei's office stating that he will hand over the matter to the Anti-Corruption Office to investigate any potential misconduct. The government has also formed a special task force to investigate the LIBRA launch and related activities.
In summary, the LIBRA coin launch has been a chaotic and controversial event, with significant financial losses for many and substantial gains for a few. The involvement of KIP Protocol and the potential regulatory and legal ramifications make this a complex and evolving situation.
In the early hours of February 15, 2025, at around 6 a.m. Beijing time, Argentine President Javier Milei posted a tweet on his official X account that sent shockwaves through the market: he announced the launch of a Meme coin called Libra and shared the related smart contract address. The market reacted with a mix of skepticism and excitement. Some believed Milei's account had been hacked, while others, seasoned Meme coin investors, rushed into the market regardless of the authenticity. Initially, LIBRA's price surged to $7.8, with a total market value reaching $3.5 billion. However, the market soon turned against LIBRA, with its price plummeting from over $4 to around $2, then to a brief plateau at $1, and finally to approximately $0.16. The dramatic fall left many investors with significant losses.
President Milei later deleted the tweet and claimed limited knowledge of the project. KIP Protocol, the company behind the project, clarified that LIBRA is part of a private initiative called "Viva la Libertad," aimed at funding small projects and local businesses in Argentina to stimulate economic growth. KIP Protocol emphasized that the project is entirely private and that President Milei was not involved in its development. However, the project's website indicated that any private enterprise in Argentina could apply for funding by filling out a form.
The profit-takers in this scenario were the project's team and early whales. According to blockchain analytics platform LookOnChain, eight wallets associated with the LIBRA team cashed out $107 million through liquidity provision and transaction fees. Early whales and insider traders also made significant profits, with one address netting at least $20.18 million. These traders prepared funds on major exchanges, bought LIBRA immediately after Milei's tweet, and sold out in batches as the price rose.
Investor outrage has largely been directed at KIP Protocol, which some believe orchestrated the entire event. KIP Protocol has been accused of orchestrating the entire event, with some suggesting it may have ties to Animoca, though Animoca has denied any involvement in the LIBRA token launch. The confusion was further compounded by Moonshot, a platform that allowed users to search for projects via contract addresses but did not verify them, leading to a false impression of LIBRA's legitimacy.
Adding to the drama, Solayer founder Chaofan Shou and engineer @tonykebot claimed to have lost over $2 million in the LIBRA fiasco, and they have threatened to take action against KIP Protocol. Shou posted a list of KIP Protocol's core members and hinted at potential legal action. Meanwhile, KIP Protocol has stated that it will release a detailed plan for the LIBRA token and that the funds raised will be transparently accounted for. The company also clarified that it was not involved in the token launch or marketing, which was handled by Kelsier Ventures.
The Argentine government has also weighed in, with President Milei's office stating that he will hand over the matter to the Anti-Corruption Office to investigate any potential misconduct. The government has also formed a special task force to investigate the LIBRA launch and related activities.
In summary, the LIBRA coin launch has been a chaotic and controversial event, with significant financial losses for many and substantial gains for a few. The involvement of KIP Protocol and the potential regulatory and legal ramifications make this a complex and evolving situation.
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