Great article from @Defi0xJeff @KaitoAI and @cookiedotfun are well-positioned to become a core engine within the next generation of crypto fundraising & token launches. The mindshare product already covers CT KOL marketing & Galxe-like quest platforms. Now both are facilitating pre-TGE fundraises as we can see with Kaito raising for Theoriq whilst Cookie is facilitating Legion raise for Almanak. Access to both creators/end users + projects put them in a CEX-like powerful position where they can raise capital on behalf of other projects. Combining onchain behavior & social behavior helps quantitatively evaluate users - this impacts who gets into presales or airdrops and at what allocation. As long as the algo is good (which was the topic of my last yapping rant), one would rather raise from a group of vetted, "high quality" folks rather than VCs, snipers or rando retail. Kaito owns the full-stack from mindshare to launchpad whilst Cookie partners with @legiondotcc (one of the 2 top KYC launchpads alongside @echodotxyz). Kaito's oversubscribed Theoriq round (congrats @ronbodkin) is a sign that as long as the terms are reasonable, they will be able to raise pretty large rounds. CEXs have been the investment bankers of the crypto world; they have access to retail capital and can raise & help pump tokens they deem suitable. Large CEXs are likely not fond of Kaito due to its "kingmaker" position and likely not happy with the new fundraising launchpad as it gradually eats into their launch.