After the API permissions on platform X were revoked, KAITO experienced a short-term plunge of over 15%, causing a market uproar. But a closer look at this adjustment reveals it actually reflects a certain exchange’s governance over content quality—once the ecosystem is rectified, bubbles become apparent.

**The Issue of False Fire Comes to the Fore**

The core appeal of InfoFi is token rewards: users post to earn incentives, and whether the content is real or fake is less important. This high-incentive model can indeed generate short-term hype, but the result is AI spam, arbitrage rampant, and valuable discussions drowned out by noise. When the platform begins to clean up spam and crack down on bot posts, the false fire of the incentive model is laid bare.

**Platform Dependency Risks Are Unavoidable**

KAITO’s entire operation system is almost entirely built on authorization from a major exchange. Losing API access directly breaks the project's core value chain. No matter how strong the team’s execution, it’s useless because your survival rights are in someone else’s hands—that’s the original sin.

**What Is the True Way Out?**

Shifting from "attracting users through incentives" to "retaining users through content quality" is the right direction. But the prerequisite is to first eliminate the fatal flaw of platform dependency. Only by establishing an independent value ecosystem, capable of self-sustenance without external subsidies, can this wave of adjustment be weathered.

This plunge is not a black swan; it’s the market warning all projects overly reliant on incentives and platforms.