Regarding whether KOL rounds make money, I have participated in dozens of KOL rounds of various sizes since 2021. Below is my observation The influence of KOLs is increasing Web3 is the attention economy, where KOLs have an increasing influence on fans and project partners, and their monetization ability is also growing 2. The quantity and quality of projects with KOL rounds are increasing In the last DeFi cycle, there were not as many projects with KOL rounds and the quality was average; But from this round onwards, many projects that have received investment from top institutions have also started to have public rounds 3. The terms of KOL projects are also improving The terms of KOL round financing are better than the previous cycle, unlocking conditions, financing valuation is even better than public and private equity rounds, and some will return the principal 4. "KOL Odyssey" In addition to individual investors participating in the Odyssey project for airdrops, KOLs are also crazily outputting content in order to obtain more rewards, which is another form of Odyssey, such as the recent Kaito 5. The rise of KOL agencies Due to the increasing number of KOLs, marketing for many projects cannot connect with them one by one. Therefore, using intermediaries to connect is a time-saving and labor-saving way 6. There is still a limit to the profits of KOLs Because the ticket size for KOL rounds is generally not large, and the financing stage is usually a few months before TGE, the valuation is already slightly higher, so the overall return still has a hard top