Several projects that raised capital through Kaito’s community-driven launchpad are facing steep losses following their token generation events, reigniting questions about post-TGE performance, valuation discipline, and whether early “alpha” around the platform has faded. According to data shared by market participants, a number of Kaito-backed projects have suffered heavy drawdowns after launch. Play AI, which debuted at a fully diluted valuation of about $50 million, is now valued near $2.1 million. ...