After spending a long time in this circle, people become increasingly 'snobbish'. After countless rounds of PvP mutual slicing, I now only ask one very common question when looking at projects: 'Are you making money or not?'
Recently discovered KGeN, its data at first glance made me think if it was a mistake—$80M+ annual recurring revenue (ARR). In most protocols where even server fees can't be covered in Web3, this is simply a dimensionality reduction blow.
Here is my in-depth breakdown of it:
1. Core Data: Breaking the 'Air Currency' Spell
Unlike those projects that rely on VC blood transfusions, KGeN comes with its own blood-making ability upon entry:
💰 $80M+ ARR: Having real annual recurring revenue, rather than the false prosperity brought by token inflation.
👥 48.9M+ verified users: A massive base of real human users, this is its biggest moat.
🌍 Business Closed Loop: Revenue comes from the B-side giants (game manufacturers + AI companies) in real cash.
2. Business Logic: Not just gaming guilds, but AI's "human computing power".
If you only see it as a Web3 version of Steam, then you are mistaken. What is truly sexy is the KAI engine.
Pain Point: Current AI does not lack computing power, but lacks high-quality, human-verified feedback data (RLHF).
Solution: KGeN organizes tens of millions of real players to be the perfect "AI trainers".
Essence: This is a high-level form of DePIN. Utilizing distributed "human nodes" to provide data annotation and feedback for tech giants like Amazon and Microsoft. Turning human attention into fuel for AI evolution.
3. Value Capture: Tokens are not "governance rights", they are "cash registers".
I am tired of those useless governance tokens, but KGeN's token design is very Web2 — it is the revenue receiving end of the protocol.
🎮 Game manufacturers buying users (UA) ➡️ Must spend money
🤖 AI companies buying data ➡️ Must spend money
💎 Value flow ➡️ All external real income, tokens directly capture the real value generated by the protocol
This means that what you hold is not a piece of air voting rights, but the value capture vehicle of this huge business empire. As long as the revenue of 80 million is still growing, the token price has the most solid support.
💡 Thoughts of Tangyuan (Anna's Take)
Why do I advocate this model?
Because the industry has developed to today, we desperately need some **"not only to survive but to thrive"** projects.
KGeN first does business in Web2 (huge revenue), then turns around and distributes value in a Web3 manner. This Real Yield narrative will be the only standard that distinguishes "gold" from "sand" in 2026 and even further in the future.
If you are tired of pure emotional speculation, this "regular army" with blood-generating capabilities is worth a second look.
