There’s been a ridiculous amount happening around Kendu over the last two years, but most of it is scattered across daily recaps, old TG threads, Spaces, on-chain transactions and random X accounts.
If you only check in every now and then, you miss most of it. Even if you follow closely, it’s hard to see the bigger picture.
So I spent a while going through it all and wrote a **4,000+ word article** trying to put the whole thing together properly, with sources and on-chain links.
I wanted it to be genuine research, not a promo piece. That means the ugly parts, failed projects and criticism are in there too.
After doing the research, though, I came away more bullish than I went in.
That’s my conclusion. All claims are verified by me and footnoted, so feel free to deepdive.
**Full article:** [https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199](https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199)
Here's the short version:
**1. 2024 was the first Kendu**
One leader, one culture, one very loud community and an insane run to $272M.
That version of Kendu proved the brand could attract attention at scale.
It also proved how fragile it was when too much revolved around one person.
**2. Then came the long road down**
The hype disappeared, the chart bled for months, people left and eventually even the leadership structure broke.
Normally that's where the story ends.
Instead Kendu basically spent the next year being forced to find out whether there was actually anything underneath the hype.
**3. Turns out there was**
Without one person directing everything, people just started building their own stuff.
Games, drinks, bots, media, events, businesses, branding, murals, racing, random experiments.
And the important part for me is that this kept happening while the chart was still shit.
Nobody was getting rewarded for looking clever yet.
They were just building.
**4. That long period changed the holder base too**
This is probably the biggest part of my Kendu thesis.
Anyone who needed constant price action had about a thousand chances to leave.
A lot did.
What remained was a much harder core that had already survived the hype disappearing, leadership drama, failed projects and a brutal drawdown.
I think that matters massively if attention comes back.
Kendu at ATH had a much bigger crowd.
Kendu now has a much more tested one.
**5. Then all the separate stuff started connecting**
This is where it gets really interesting to me.
At first it was just people building different things under the same name.
Then projects started doing events together, appearing in each other's Spaces, helping each other launch, sharing contacts, buying KENDU with business revenue and burning supply.
Nobody really announced “we are now an ecosystem”.
It just gradually became one.
**6. And then there's KBE**
Reddit has barely heard about this yet.
Lorniko has mentioned KBE a few times in TG and Spaces, but he's still in the teasing phase, so I'm not going to explain his own project for him.
What I will say is that after looking at how all these Kendu projects have started connecting, I'm very interested in where he's taking it.
The article has what is publicly known so far.
**7. There's still a lot sitting in front of us**
Kendu Games is still being worked on.
KBE is still coming.
Existing businesses are still expanding and new builders keep showing up.
And that's what makes the current valuation so interesting to me.
A lot of the actual structure has been built during the period where almost nobody outside Kendu was paying attention.
**8. Why I'm bullish**
I don't see the last two years as dead time between the 2024 run and whatever comes next.
I think that long road is a big part of the reason Kendu is interesting now.
The easy money left. The tourists left. Miazaki left. Projects failed. The chart gave people every possible excuse to stop caring.
And somehow the opposite happened underneath it. More people started taking responsibility for their own corner of Kendu. More stuff got built. Builders stuck around long enough to start helping each other. The whole thing became a lot less dependent on any one person.
That's the Kendu I'm betting on.
Not a replay of 2024 and not Miazaki coming back to pump the chart. I think the community that went through all of this is simply stronger than the one that arrived during the first run.
And now you have that base sitting at a tiny fraction of the old valuation, while things like KBE, Kendu Games and the existing businesses are still developing.
The longer this road has gotten, the more convinced I've become that if Kendu gets another real wave of attention, there's far more here for that attention to land on than there was the first time.
That's what I saw before writing the article.
After actually researching it all, I believe it even more.
Full article, sources, timeline and on-chain evidence:
[https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199](https://medium.com/@daruneyt/kendus-renaissance-f2c93799b199)
