InfoFi Wave: Chinese KOL Influence Data and Atlas

In the world of encryption, influence has become a scarce resource. How do Chinese-speaking KOLs shape narratives, drive consensus, and guide capital flow? (Background: KOL self-narration: InfoFi is here, and my traffic has dropped to a historic low) (Background information: Attention = Asset, does the InfoFi track still have potential?) Who Controls Attention, Controls Market — Animoca Brand Research. In the evolution of the encryption world, the form of scarce resources is quietly changing — from Computing Power (Proof of Work), to capital (Proof of Stake), and now to “influence” (Proof of Influence). Under the wave of InfoFi, information is being repriced, perspectives become assets, and KOLs are the key nodes in this transformation. They are not the media, yet they guide narratives; they are not project parties, yet they drive consensus; they are not institutions, yet they influence capital. Whether it’s the precise judgment of lying in ambush for Alpha, the deep thinking that transcends cycles, or the firm voice in the face of market sentiment — every content creator that continues to output is participating in a “new economic experiment” regarding influence. We are witnessing an era: anyone can become a KOL, but not everyone can leave a mark. Therefore, XHunt and Biteye jointly release this “Chinese-speaking KOL Influence Atlas,” attempting to clarify their true roles, evolutionary paths, and economic models in the encryption ecosystem, and through data and interviews, present a “KOL map” belonging to the Chinese context. 1. What is a KOL? KOL, or Key Opinion Leader, refers to individuals with a voice in specific areas who can guide public opinion, shape consensus, and influence decision-making. In the encryption world, this identity has been given stronger financial attributes and market weight, mainly reflected in the following dimensions: 1. Continuous cross-platform output: Continuously producing encryption-related content through platforms like Twitter (X), Telegram, Discord, YouTube, podcasts, etc. 2. Distinct professional positioning: Research-oriented: excel in research and investment, deeply study macroeconomics, on-chain data, technical architecture, fundamentals, etc. Trading-oriented: known for real trading and keen market intuition, with a significant “lead in copy trading” effect. 3. Diverse industry roles: Independent: individual researchers, senior investors, or bloggers who establish reputations through independent perspectives and long-term accumulation. Community-based: relying on large communities to amplify their influence through group interaction. Institutional: backed by VCs, exchanges, research institutions, etc., to obtain frontline information resources. KOLs in the encryption industry are not only shapers of public opinion but also barometers of capital flow and market sentiment. Their influence is deeply coupled with token prices, liquidity, and even project development, making every word and action potentially ripple through the market. 2. The evolution history of KOLs: from geeks to influence nodes “No one is born a KOL.” Their growth trajectories resonate synchronously with industry cycles. Before 2015, the era of technical evangelism. The encryption world was hidden in geek forums like Bitcointalk. Influence belonged to miners, developers, and early evangelists who held the technical interpretation rights, such as Vitalik Buterin, who wrote for “Bitcoin Magazine.” However, during this period, the influence of KOLs remained within small circles, and their identity outside was self-assigned. 2017: ICO and the first turning point. The ICO boom created an urgent demand for “understanding brothers” — they interpreted projects and wrote research reports, becoming the first batch of KOLs with market influence. Unfortunately, some KOLs exhibited chaotic behaviors such as paid promotions and charging for advocacy during this period, and after the “9.4” incident, the potential legal risks of KOLs began to surface. 2020: The opening of specialized division of labor. The explosion of DeFi and NFTs pushed KOLs towards specialization. During this period, KOLs used tools like Dune, Nansen, Glassnode, etc., to analyze on-chain data and refine their viewpoints, further enhancing their influence. Especially during this period, the emergence of the DAO concept made Discord and Telegram a paradise for encryption users, helping KOLs turn public traffic into private accumulation. 2022-2023: Monetization of traffic and institutional exploration. Top KOLs began systematically monetizing their influence: collaborating with market makers and exchanges to become traffic entrances, or writing in-depth research reports, incubating projects, evolving towards small institutions. From 2024 to now: Everyone is a KOL. On-chain social and MEME coin protocols like Friend.Tech, Pump.fun have provided new soil for the creator economy, and cKaito's Yaps has sparked the wave of InfoFi. Large language models like GPT have significantly lowered the barrier to content production, making becoming a KOL a “zero barrier” affair, but what follows is the new challenge of homogeneity in tweets and “fancy account creation.” KOLs are an indispensable part of the blockchain ecosystem. For project parties and exchanges, KOLs are excellent traffic entrances; for newcomers to web3, KOLs are free teachers. After ten years of evolution, the KOL ecosystem has formed a network with distinct layers and interconnections: · Top: Such as CZ, Vitalik, they are scarce in number but hold a solid position with global influence across regions and cultures. · Mid-tier: They are the leaders in vertical tracks, capable of achieving results through “lead in copy trading,” “advocacy,” or “rights protection” in fields like L2, RWA, AI, or Memecoin. · Long tail: Relying on regional languages and private community to maintain conversion rates, they are adept at social dynamics and occasionally gather warmth in comments. 3. KOL economic model: How to price influence? Discussing the economic model of KOLs inevitably circles back to the most direct question: “How much money can one make as a KOL?” But the answer to this question can lead us back to the essence: How do KOLs create value? We believe that the core value of KOLs lies in solving information asymmetry and completing attention reallocation in this process. In the highly complex, cross-linguistic, and cross-technical field of encryption, they significantly reduce search and cognitive costs for users through filtering, translating, and interpreting. In the gray areas of information, confidence is more important than gold, and the professional knowledge, historical performance, and even publicly available on-chain data of KOLs become the cornerstone for building trust and forming early consensus. So, how does influence convert into real money? The monetization methods of KOLs present a diverse and layered ecosystem: The most stable is cash flow based on content and community, such as paid subscriptions, paid communities, newsletters, and encrypted native subscriptions for Mirror (which has exited the historical stage). More service-oriented income includes project market consulting, community growth agency operations, KOL matrix management, and institutional-facing research reports, brand advertising, etc. The recent hot InfoFi “mouth rake” income is essentially also the market investment costs of project parties. Additionally, KOL rounds are gradually rising, where KOLs exchange services for project investments…