Kaidohas been hyped up to be the ultimate adversary for Luffy and the Straw Hat Pirates since the very beginning of their adventure in the New World. As one of the Yonko of the Seas, Kaido is an incredibly powerful pirate who is also regarded as the World's Strongest Creature and, at the same time, the mightiest pirate alive. In the Wano Country arc, fans saw what he was capable of for the very first time, and it goes without saying that he lived up to the expectations that were set for him.
During the Onigashima Raid, Kaido fought not just the Nine Red Scabbards, but also clashed against the Worst Generation, followed by Yamato, and then rematched against Luffy. Despite everything, Kaido has held the upper hand in most of his battles, but he's yet to reveal what most fans expect him to pull out any moment and that is his awakening. Even though it feels like Kaido lost the battle to Luffy after he was knocked unconscious and was sent crashing down to the ground, the question remains, will he eventually use his awakening?
Kaido's Devil Fruit Awakening
Kaido is a user of the Mythical Zoan type Uo Uo no Mi, Model: Seiryu which allows him to transform into a giant blue dragon at will. This Devil Fruit is, undoubtedly, one of the strongest ones to exist in the One Piece world, and in the Zoan class, it might very well be the strongest. Kaido's Devil Fruit grants him tremendous power as he can transform into a massive dragon capable of vaporizing mountains in a single blast of fire, causing hurricanes with a single twist of his body, roaring down lightning on his enemies, and even manipulating wind as if they were slashes from swords.
As with all Zoan Devil Fruits, Kaido also has an incredibly powerful hybrid form that grants him all the powers of his Zoan form in a man-beast combination body. Using all of these abilities, combined with his overwhelming grip over Haki, Kaido has proven to be an insurmountable villain for anyone who has fought him so far. However, with Luffy reaching his peak by awakening his Devil Fruit and unlocking Gear Fifth, Kaido has been pushed on the back foot on more than a few occasions. Having finally found his match, it is almost expected of Kaido to use his ultimate trump card and display his awakening to the fans.
Kaido is, without a doubt, aware of what a Devil Fruit awakening is, as was evident from his exchange with Luffy where he explained that Devil Fruits awaken when the mind catches up with the ability of the user and unlocks that next level. Furthermore, all of Luffy's enemies from Dressrosa onwards have had Devil Fruit Awakening. Doflamingo was the very first enemy with this power that fans saw in the story and shortly after him, Katakuri, the major antagonist of Whole Cake Island, revealed his awakening. It would only make sense if Kaido, who is the next big enemy for Luffy after Katakuri, also has Devil Fruit awakening up his sleeve.
Why Kaido Might Not Have Devil Fruit Awakening
Kaido is quite clearly the strongest pirate in One Piece at the moment and he's already lived up to that reputation. He has an overpowered Devil Fruit that ensures a scant few, if any, can even hurt him, and this Devil Fruit is such that it has openly made him a natural disaster. Furthermore, all that, when combined with his exceptionally powerful Haki, which he has advanced in all three spheres, makes him even more difficult to take down. Kaido's skill over his Devil Fruit is such that he might not even need a Devil Fruit Awakening. Using Shuron Hakke, he can access multiple Zoan forms, such as Thieving Drunk, Crying Drunk, and Homicidal Drunk, among many others. What's more, using the pinnacle of his powers, he can even use a form known as Flame Dragon Torch, where he produces flames so hot that they instantly vaporize anything they come into contact with.
It is entirely possible that Flame Dragon Torch is his awakening and Oda simply chose not to mention it, however, even if that isn't his Awakening, not having one wouldn't be the worst thing for the Yonko, given his diverse skillset already. Fans must realize that the end of the fight against Kaido is almost here and for him to pull out awakening now when he's already engaging in what is portrayed as the final clash between the two, would be extremely anticlimactic. For Kaido, it is more likely that Flame Dragon Torch is his Awakening, or instead, he simply doesn't have one because he's too strong for his enemies either way, just like his fellow Yonko, Big Mom.