Key Opinion Leader (KOL) rounds are reshaping the cryptocurrency capital markets, establishing a new power dynamic between project teams, KOLs, and retail investors. These rounds, which gained traction in 2022, leverage the influence of KOLs as a form of capital, significantly impacting token distribution and market dynamics. Projects like Aster and Holoworld AI have demonstrated the potential for high returns through KOL rounds, while others such as SatoshiVM and ZKasino have encountered collapses or fraud. The rise of agencies as intermediaries further highlights the evolving landscape, as they facilitate connections between projects and influential KOLs. This trend underscores the importance of evaluating project viability and the role of KOLs in the crypto ecosystem.