Two months after Kaito's old business was shut down by X, Noise, an attention-based perpetual contract, has launched. It features over 20 topics, with the largest trading volume exceeding $300,000. 1) The pricing mechanism is currently not very transparent. Noise currently uses a "degree" (°) to indicate topic popularity as a pricing reference: Oil 718°, Claude 538°, ChatGPT 254°. However, the specific calculation method and data source are not disclosed. 2) Is it reasonable to express topic popularity using absolute values? The degrees in Noise are all absolute values, but in reality, attention is essentially zero-sum, and people's perception of topic popularity is mostly similar. Kaito's original Mindshare used percentages. 3) No expiration date = dead pool problem. Perpetual contracts have no expiration date, which is fine for financial assets that always have trading demand. However, most attention-based topics have a lifecycle; once a topic cools down, it essentially becomes a dead pool. It's unclear whether there will be periodic delisting. 4) Where will the liquidity come from? Noise hasn't publicly stated its liquidity mechanism, but Blind Finance should also be using a Bonding Curve or vAMM, as this asset class couldn't possibly be a CLOB.