In the past, there were projects everywhere in the crypto space; KOLs could easily grow their followings just by diligently sharing information. Now, projects are becoming increasingly concentrated, information more transparent, and AI has further lowered the barrier to content creation. Those most likely to be left behind in the future are the ones who merely repeat what others have already said. The true moat for KOLs isn’t their follower count, update frequency, or even occasionally catching a few 100x coins—it’s the long-term accumulation of judgment, credibility, and research experience that others cannot easily replicate. In short, previously, people profited from information asymmetry; in the future, they’ll need to profit from cognitive edge and execution.