Agree that adverse selection can come from InfoFi, but I think that is downstream of how it's leveraged and not prescriptive of the vehicle. The extent to which you need to leverage it is dependent on a given projects current situation. Abstract: → Has people on payroll who already command conversation → Thus you doesn't need explicit campaigns to recruit attention-drivers. Polkadot: → Lacks those voices in the "CT" circle → So it spins up a program to hook people with incentives. → Boom; conversation and penetration. The hard reality people need to understand is that protocols *must* allocate to users on some level, and with that they need ways to find the best people to put those tokens in the hands of. Without Kaito, Cookie, et al you're basically left having to create your own internal tooling to do the same thing: figure out who your X champions are without being scammed/sybiled/baited. That's not easy to do, so the calculus is the net gain of Kaito fee + tokens to the right people more valuable than a couple $100k and diverted man hours to do the same thing