Wu said that, according to BlockFlow, in 2025 Kaito Launchpad launched a total of 14 projects, of which 3 have not yet conducted TGE, namely Espresso, Billions, and Rise. Based on current data, only 3 projects (LMTS, ZKP, CHECK) are still above the ICO price, with the best performance being LMTS, the worst on the first day being PLAI, and the weakest overall performance being XNL. Data shows that on Kaito Launchpad, the strategy of passive buying and long-term holding has about a 73% failure rate. From actual results, the related ICOs generally exhibit negative expected value (negative EV).