Research Review: Kaito, Lending Markets, Aerodrome and Fluid | Livestream

Aug 25, 2025

Carlos, a crypto analyst at Blockworks with expertise in decentralized finance, dives into the transformative business model of Kaito and its token dynamics. He explores lending markets, highlighting Aave's market dominance and the rise of newer players like Morpho. The discussion also covers Aerodrome's strategic integration with Coinbase, emphasizing its liquidity hub potential. Finally, Fluid Protocol's expansion plans, particularly its launch on Solana and innovative liquidity strategies, showcase the evolving landscape of decentralized finance.

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INSIGHT

Kaido's Traction Versus Price Lag

Kaiko (Kaido) sits at the intersection of AI sector interest and proven product-market fit in social-airdrop marketing.
Traction and sticky revenues have risen while price lagged, creating a potential valuation opportunity.

INSIGHT

Leaderboards Deliver Sticky Upfront Revenue

Kaido's Yapper leaderboards and Pro subscriptions generate sticky upfront revenue estimated near $20.8M ARR.
Leaderboards cost ~$150k upfront and Pro is ~$10k/year, anchoring recurring cash flows.

INSIGHT

Large Airdrops Signal Demand

Projects airdropped ~$106M of tokens to Yappers year-to-date, signalling strong demand for Kaido's distribution channel.
That volume demonstrates product-market fit and a dominant position in TGE playbooks.

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In this episode, we went live to discuss Kaito’s business model, revenues, and token dynamics. We also took a look at lending markets, including Aave’s dominance, Morpho’s growth, and Maple and Euler’s momentum. Finally, we reviewed Aerodrome’s Coinbase integration and Fluid’s expansion plans.Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(4:17) What's Next For Kaito?

(28:32) Ads (Katana & Eigen Cloud)

(29:36) Lending Market Update

(52:47) Ads (Katana & Eigen Cloud)

(54:08) Updates on Aerodrome & Fluid

(1:30:20) Closing Comments

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.