FLY is the token of fly.trade, which is a cross-chain aggregation platform. Simply put, it allows you to easily exchange coins across different blockchains without the hassle of chain operations. It was previously called Magpie Protocol and has processed over $6.3 billion in transaction volume, showing strong capabilities. It runs on the Sonic blockchain and will be launched on Binance Alpha and Kraken on June 6 (exact time to be determined).
In terms of investment, fly.trade previously raised $3 million in seed funding, led by Jump Crypto, a major institution! Other notable investors include Sandeep Nailwal, ParaFi Capital, GSR Markets, and others. This solid background indicates that the market is quite optimistic about it.
The team includes CEO Ali Raheman, CIO Ikram Ansari, and CTO Gergely Hegyközi. Their backgrounds weren't detailed, but they have experience with Magpie Protocol, which should be sufficient.
In terms of distribution, a total of 100 million FLY tokens are available, with over 55% allocated to the community, including airdrops and other benefits. Magpie Mafia has an initial airdrop of 0.5-1.5%, and the number of airdrops on Binance Alpha has not been announced yet. The remaining portion is estimated to be allocated to the team and investors, but there are no specific figures.
Regarding the price, someone on X mentioned that the fully diluted valuation is $50 million, which means each FLY token is approximately $0.5 based on 100 million tokens. In the short term, it may fluctuate between $0.3 and $0.8. In the medium term, if the project develops well, it could reach $1. In the long term, cross-chain DeFi has potential, and prices may be higher. However, the market is highly volatile, with strong competition from Polygon, Arbitrum, etc., and the unlocking of team and investor tokens may put downward pressure on prices.
In terms of airdrop value, referring to previous Binance Alpha airdrops like SOPH and RDO, individual returns were around $100+. If FLY is priced at $0.5 each, you might get over 200 tokens, depending on distribution and point requirements.
What do you think the score line for this issue will be? I hope Binance's recent crackdown on studios has led to a reduction in scores, and I wish everyone can get a big profit.
