Recently, if you have been following the dynamics of the crypto world, you must have noticed a name—Limitless. This is the largest prediction market platform on the Base ecosystem, and it is currently conducting a new project launch activity on the Kaito platform. As of September 28, the raised amount has exceeded 50 million dollars, over-subscribed by 50 times, and the scene can be described as crazy.
At the same time, the token KAITO of the Kaito platform has also seen a price increase of over 30% within 24 hours. Can this new offering truly replicate the wealth myth of "depositing 1 dollar to receive over 10,000 dollars worth of XPL tokens" seen in the previous Plasma new offering?
01 Crazy IPO Season
Web3 The new investment season has arrived again. Recently, the Sonar platform under Echo has brought unexpected returns from Plasma’s new investment, sparking widespread attention towards new investment platforms.
At the same time, several new platforms have launched new projects, further pushing the popularity of the new share subscription sector to a high point.
Among the three most discussed new projects at present—Limitless, Momentum, and YieldBasis—Limitless has become the most eye-catching focus due to its strong background and a hot scene of 50 times oversubscription.
02 Limitless: A powerful background prediction market giant
What kind of project is Limitless? Why has it attracted such enormous attention?
It is the largest prediction market platform on the Base ecosystem, with its cryptocurrency and stocks. Price Prediction The trading volume has approached 400 million dollars.
The founder of Limitless is not a novice, but has a glorious past - he once developed a viral consumer AI product that received support from a16z and achieved 300 million downloads.
In terms of financing, Limitless has also performed excellently. On July 1 of this year, Limitless announced the completion of a $4 million strategic round of financing, with well-known institutions such as Coinbase Ventures, 1 confirmation, Maelstrom, and Collider participating.
With the previously completed $3 million seed round financing, the company’s total financing has reached $7 million, and the new funds are intended to prepare for the upcoming TGE (Token Generation Event).
03 Kaito platform: A powerful driver of new project activities
As a platform for the Limitless new token launch event, Kaito is certainly not an unknown player. According to data from September 28, the price of Kaito’s token KAITO is $1.47, with an increase of up to 30.43% within 24 hours.
This new token sale event has undoubtedly further increased the value of KAITO. The popularity of the Kaito Launchpad is astonishing, with Limitless’s token sale exceeding its target by 50 times, directly driving up the price of KAITO.
Some analyses suggest that the price increase of Kaito is directly related to the popularity of the Launchpad.
04 Limitless New Listing Details: Opportunities and Thresholds
For investors who intend to participate in the Limitless IPO, it is important to understand the following key information:
Participation Requirements: You must complete KYC verification on the Kaito platform (please note that users from mainland China cannot pass the verification), and you need to stake at least 5000 sKATIO, with limits ranging from 1000 USD to 250,000 USD.
Unlock rules: 50% will be unlocked at TGE, and the remaining 50% will be unlocked after 6 months.
Current fundraising data: The amount raised has exceeded 50 million USD, over-subscribed by 50 times, and the scene is exceptionally hot.
Deadline: October 5th, time is running out.
Project valuation: The fully diluted valuation (FDV) for this initial public offering is $75 million, while the valuation for the last round of financing is $70 million.
05 Other Opportunities in the New Market
In addition to Limitless, there are other projects in the current new listing market worth paying attention to:
Momentum is the centralized liquidity engine of Move, currently launching on the Buidlpad platform, with the activity deadline set for October 19.
YieldBasis is a DeFi protocol developed by Curve Finance founder Michael Egorov, aimed at addressing the impermanent loss issue. It will launch on the Legion and Kraken platforms, with Kraken being the first launch project.
It is important to note that most of these new subscription platforms require KYC verification, and KYC in mainland China often cannot be passed (except for Kraken).
06 The risks and opportunities of new investments coexist
Looking back at the myth of Plasma’s new token offering - participating with a deposit of 1 dollar to obtain XPL tokens worth over 10,000 dollars, this wealth effect undoubtedly makes people full of expectations for Limitless’s new token offering.
However, investors also need to keep a clear mind. Some comments suggest that the valuation of Limitless is a bit high.
In addition, the arrangement that only 50% will be unlocked at the TGE, with the remaining 50% unlocking after 6 months, also means that investors need to bear the risk of a longer lock-up period.
There are analytical suggestions that for Limitless’s IPO, if it retracts to below an FDV of 75M or if the heat cools down, it may be considered to take profit.
Future Outlook
The market is always chasing the next wealth myth. As the October 5 deadline approaches, the Limitless initial offering event on the Kaito platform is about to come to an end.
Only time will tell whether it will become the next Plasma or merely a footnote in the market frenzy.
But there is no doubt that in the ever-awake market of the crypto world, the next opportunity for a new listing is always waiting just around the corner.
