There are coins out there that are the next VVV, PENGU 2025, INJ 2023, ZEC 2025, and many other previous outperformers. These coins are going to be the leaders in the coming months and they're sitting there now (relatively) unpumped. A few things these all had in common: -Beaten down charts. These coins were all murdered hugely over months (or longer) -Relevant narrative OR huge $ behind it. VVV and ZEC benefited from a relevant narrative (privacy and AI). Huge $ behind it would be PENGU or INJ, where JUMP pumped it to the heavens. -Narrative based on belief, not fundamentals. What do I mean by this? I mean that you can't accurately price these coins and it's why you rarely see DeFi coins be extreme leaders (at least since 2021). When you start talking about ARR and clear things that can be calculated, there's a limit to how strongly they can pump. Contrast that with a coin like ZEC, where it's more of a belief system than anything, and you have no comparison. In many ways, these are memes. -Uncrowded. These coins weren't really on anyone's radar weeks or months before they started pumping and nobody really talks about them until coins start to move. This is obviously extremely common in crypto in general; where attention = more volume = more liquidity = self fulfilling prophecy. If you had said 'privacy' as a narrative in 2024, people would have likely laughed at you. Not the case now. ------------------------ Actually executing a trade like this is actually quite difficult and I don't think many have the execution ability to do so. Just like any great trade, you need to: -Have excellent research / good reasons why people will actually see the same idea as you -Size appropriately so that you can capture huge gains while also not being shaken out with short term volatility -Have the patience to actually hold your idea and not chase momentum in other coins All in all, a tough task but certainly possible with the right amount of luck, research, and execution. I'm personally better at just buying momentum but I think that these types of trades are often the most gratifying.

We had the opportunity to do this over six months ago and deliberately chose to wait until our application layer was ready. Kled V3 is out, and we can now support any modality: voice, video, image, text, annotation and more. We strongly believe several of the top models will lose to us in important human categories, purely because of our data edge.

data selling is the hottest business on the internet right now. • MicroAGI: $100M ARR (6 months) • Mercor: $2B run rate (from $1M in ~24 months) • Surge AI: $1.4B run rate • Handshake AI: $1.1B run rate (16 months) • Scale AI: ~$2B run rate Labs have infinite GPUs, but zero proprietary data left to scrape.

Here’s my bear, base, and bull case for @useKled’s token valuation. solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm The last fundraising round valued the company at ~$300m. With what will ultimately become, likely, 10% of the company’s equity held in an SPV by @StreetFDN , I’m going to use that valuation/ratio as a starting point. solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm will also be used within the application as an incentivization mechanism, which should create buying and burning of the token, along with the potential for other revenue-driven buybacks. Taking those forces together, I’m assigning solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm a 12.5% ratio to the company’s valuation. That doesn’t account for the potential premium the token could eventually receive because of its lindy-ness within the Solana ecosystem as the company that ‘made it’, or because the market begins valuing the token based on the company’s future private-market valuations. Bear Case… $125m The last round was approximately $300M, and that finalized before Kled had 500,000 users. We don’t know the exact number of users today, but I’d imagine they’re approaching 700–800K. And they’ve done that while being essentially radio silent on socials & no paid marketing. If @avipat_ can leverage the rest of Q3 and Q4 to drive significant new user growth with the newest version of the Kled app, while also going on the road and talking to AI labs about financing the various data-collection tasks they need completed, I think Kled, the company, could reasonably reach a $1B valuation (3x from last round) within the next 30–45 days if everything goes smoothly. Using my 12.5% framework, a $1B company valuation would imply a $125M Kled token market cap. Base Case… $500m My base case is a $500M kled token market cap, which would imply a company valuation of a little over $4B under the same framework. For that to happen, kled would probably need to acquire 1m+ users, land low-nine-figure fundraising/deal volume from AI labs and demonstrate genuine product-market fit, specifically, that these labs have a strong desire to acquire private data at scale and are willing to deploy significant capital to do it. If kled gets there and the company reaches the $4–5B range, I think the token could begin trading at a premium to the simple 12.5% framework. That puts solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm somewhere in the $400–500M+ market-cap range, which I don’t think is unreasonable when you consider what the onchain market has historically been willing to assign to complete scam tokenized AI projects. Bull Case… $2.5 bn The bull case is that Kled becomes a $10B+ company over the next year or two, pulling in hundreds of millions of dollars of capital from AI labs to build one of the largest private-data collection businesses in the world. The app explodes on the App Store. Kled becomes the Uber of private data. And at that point, I think holding the Kled token could become a cultural phenomenon, almost memetically, because it would represent one of the first opportunities for regular people to get exposure to a highly viral mobile app and its ecosystem before the company ever goes public. In that scenario, I could see the solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm token reaching a $1–4B market cap. And even at those valuations, it still wouldn’t be beyond the historical peaks we’ve seen from various meme coins. The sky is truly the limit here. Honestly, I think these valuation targets are relatively conservative when you compare them with what other crypto projects have achieved over the last decade. But regardless of whether you agree with my specific numbers, I think this provides a useful valuation barometer for thinking about Kled: $1B company → ~$125M token $4–5B company → ~$500M token $10B+ company → $1–4B token, depending on the premium Curious what you guys think.

Seeing Kled V3 in my appstore and damn they took the app to a whole new level. So many ways to earn by contributing all sorts of data and content. Optimally positioned for AI data frenzy that is heating up, I can think of a couple of labs that will pay top dollar for unique content other labs can't access. The ticker is solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm - I expect a fast repricing to at least the 9 figure club. Well done to @avipat_ @kledsuki and the rest of the @useKled team

> Speculative narratives are slowing down > Onchain AI narratives are heating up > Narratives like Inference, Data, Robotics and more are on the verge of new catalysts Covering the state of the market + all the sub-sectors of Onchain AI in today's After Hour EP.74 Check it out if you wanna position yourself ahead of the crowd

To those who hold solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm , remember this: At 30M, people will say, it's time to sell At 50M, people will say, it's topping At 100M, people will say, they should've held longer At 300M, people will say, they've found another better competitor At 500M, those who sold, are hating on it and FUD starts At 1B the few who held, would be bull-posting daily At 3B the entire world would be buying and shouting about it every day Unless, AI dies tomorrow. Unless data becomes worthless tomorrow; Kled is in the process to mint the next generation of crypto-AI millionaires, and timeline wise, it might not be that far away. It's within grasp. WARNING: It's not going to be easy to hold a coin through its peaks and troughs. Only conviction will get you to Valhalla. But a stark (and constant) reminder is that your conviction is nothing compared to VCs who have committed over $14M to grow the business. Your conviction is nothing compared to the clients who had committed tens of millions of dollars worth of deal contracts to Kledco. FACT: Data will eat the world. But Kled will feed the world. Think Axie, Think future jobs, and Think about holding for longer. But you can sell here. You asked for floor value? Kled's currently backed: nearly 1-1 equity-token marketcap. You asked for confidence? Well, if the company is sold tomorrow, you'd still get your money back. We can only say it'll go higher from here. Tons of users, flywheels being activated. By comparison, Axie MC - Sky Mavis Valuation was worth 15:1 ratio at its peak. Kledco also holds a significant portion of the 1b total tokens (bought back using their revenues). So everything is aligned. It's in their interest to have the tokens worth something. But you can sell here. It's okay. Not everyone deserves nice things. To us, it's a Tier-1 project. But you can make your own decision, Anon.

Another day, another 20-something making a fortune from selling data to AI labs. This time @micro1_ai and @aliansarinik have raised $100m+ at a $4b valuation, after going from $7m ARR -> $500m ARR in 1.5 years. forbes.com/sites/annatong/20…

IPOs will move on chain.

this is exactly why KLED is going to 1bn+

Kled has registered over 15 million file records on the Trace Audit Portal in just a few days. Four multi billion dollar frontier AI labs have already begun using Trace to verify the integrity and provenance of Kled's data before making purchases. This is only the beginning. The Data Foundation will continue expanding the system until every file on Kled is fully auditable on chain. Live here: trace.datafdn.org/audit/kled