The “Ripple Killer” is back? VC coins are no longer marketing

Author: Bright, Foresight News

Recently, the payment public chain Keeta Network announced a TGE (token generation event) on the Base network. Its token $KTA ushered in "value discovery" after a few days of callback to $6 million FDV, and soared 1000% in the past week. On March 19, $KTA reached a maximum FDV of $160 million, and the price rose from $0.006 to $0.16.

Such an increase is not exaggerated for Meme, but Keeta Network, which was previously unknown and its token launch was full of Fud doubts, is a payment public chain with a legitimate Silicon Valley "bloodline".

Payment Layer 1 raids Base to issue coins, "zero" marketing provokes Fud

According to the official white paper, Keeta Network is a delegated proof-of-stake (dPoS) blockchain system that powers blockchain banking worldwide and provides an ideal intermediate platform for Tradfi and Defi. Its electronic ledger is said to be able to process more than 50 million transactions per second. Financial institutions can connect to Keeta Network through APIs or custom integrations. The real-time payment rail network provided by the platform can quickly process cross-border remittances within minutes, with fees 50% to 70% lower than traditional remittance channels. Now, Keeta has announced on its official website that its L1 can support 10M TPS and 400ms settlement. In early June 2023, Keeta began to be officially launched in the United States, Canada, Mexico, Brazil, the United Kingdom and the European Union, and adopted an invitation-based pilot B2B payment.

Keeta founder and CEO Ty Schenk said, "Keeta hopes to make international remittances as simple and fast as Venmo payments, and the payer and payee no longer need to worry about the security of funds." Schenk also added that compared with Swift, which is more suitable for large transfers of more than $1 million, Keeta has advantages in instant small payments.

From the technical background and financing situation, Keeta Network is by no means a guerrilla. Keeta Network's CTO is Roy Keene, the former chief developer of Nano, who left the company, which reached 4 billion FDV in 2021, because he wanted to change Nano's incentive mechanism and institutional adoption rate. In June 2023, Keeta Network announced that it had received $17 million in financing led by former Google CEO Eric Schmidt. Ty Schenk revealed that the investment valued the company at $75 million.

However, Keeta Network, which has a luxurious background, chose to launch a sudden attack on March 5, and completed TGE directly on Base without any prior disclosure. A few hours later, the token economics and Telegram community link were announced on X, but Keeta’s last tweet was a "hello world" on October 22, 2022.

Fud followed. Some people questioned whether Keeta was hacked and issued a fake CA, some believed that the team collectively committed evil and wanted to reap the benefits through a shell, and more people questioned that the non-public TGE led to the widespread rat warehouse. Therefore, the price of Keeta's tokens fell all the way as expected at the beginning.

The Keeta project team immediately opened Space to prove their innocence. However, it seemed that they had not considered the marketing of Crypto at all. Keeta Network basically did not post a post to directly respond to the community's doubts. Its apparent community size and Twitter activity were also in the "very early" stage. For a while, only Keeta's official Twitter account was left to post "the fastest payment public chain", "decentralization" and "fully compliant". The few comments were mostly puzzled and abusive. In the short term, Keeta fell into a dilemma of both the coin price and Fud.

Simply release good news and rely on "contrast" to pull up the market?

But it was this unconventional path that caused Keeta's "value discovery" to come a long time later.

When the price of Keeta continued to fall, in order to prove its legitimacy, it frequently took measures, such as posting CA on the official website and asking the founder to repeatedly prove on Twitter that TGE was indeed done by the official team. Later, when everyone was hesitant, it locked the position in line with the roadmap. Founder Ty Schenk first interacted with Aerodrome (Base DEX), and then frequently uploaded videos of the Keeta Testnet under development on his personal Twitter, dispelling many doubts about the on-chain Degen. As of March 19, the top eight personal addresses of Keeta held a total of 6.48%, with a net inflow of US$460,800 and a net outflow of US$112,100 in the past week, revealing the bullish sentiment of whales.

Moreover, Keeta's token economics is also very simple and "brutal". The team share is 20%, locked for 9 months, and unlocked linearly in the next 36 months, and distributed monthly. The early investor share is 20%, locked for 6 months, unlocked linearly in the next 24 months, and distributed monthly. The foundation share is 10%, locked for 3 months, unlocked linearly in the next 48 months, and distributed monthly. The community/ecosystem share is 50%: 75% is unlocked at TGE, and the remaining is locked for 6 months, and unlocked linearly in the next 48 months. Relatively speaking, Keeta's low circulation leaves enough room for subsequent pull-ups.

When answering the community's question "Why does Keeta Network, as L1, issue coins on Base, L2", Ty Schenk made it clear that Base's handling fees are significantly lower than the ETH mainnet, and Keeta does not want to be confused with other memes. Ideally (and Keeta's plan), Keeta will use the new anchoring function to allow $KTA to cross the chain from Base to the mainnet.

As the founder continued to answer community questions in a down-to-earth manner, $KTA forcibly emerged as an independent VC coin in the "Day's Work is Done on the Same Day" Meme market. This unique success once again proves the importance of "DYOR". Does this provide an unconventional path to success for many VC projects that have fallen 90% immediately after listing on CEX?

In an era where demons and monsters are rampant, a small white flower (even if it only looks pure) can evoke Crypto's geeky atmosphere and decentralized vision, allowing the market to press the buy button. When all projects are marketing, attracting new users, and converting users in a homogeneous manner, shouting "the big one is coming", it may mean a change in market style. I don't know whether Keeta is clumsy but clever, or wise but foolish, but the facts have indeed given Keeta a gift.

When marketing is bleak and FOMO ebbs, how should we measure value? Perhaps it is time to repeatedly cultivate "eagle eyes and golden pupils" in boring market conditions.