Written by: Cookie
A month ago, we sorted through the 'token airdrop' projects on Binance Alpha, attempting to analyze the market's preference for different conceptual tokens based on their price performance after 'token airdrops'.
This time, we switched to a new perspective—the projects listed on Binance spot trading from Binance Alpha. Observing these projects from multiple data angles, what effective information and interesting conclusions can we draw?
Is Binance Alpha still a 'forward base' for listing Binance spot trading?
The original Binance Alpha was a 'forward base' for listing Binance spot trading, but after Binance announced the upgrade to Binance Alpha 2.0 in March of this year, the correlation between being listed on Binance Alpha and being listed for spot trading has weakened significantly.
After the update to Binance Alpha 2.0, there are a total of 88 projects listed, with 71 projects that have conducted 'token airdrops'. Ultimately, only 15 projects were listed for Binance spot trading, accounting for about 17% of all listed projects and about 21% of projects that have conducted 'token airdrops'.
Are all those going live on spot trading 'brand new regular troops'?
After the update to Binance Alpha 2.0, these 15 projects listed for Binance spot trading, 13 of which received financing. According to the data disclosed by the respective project teams, the highest amount raised was $100 million for the blockchain game 'MapleStory Universe Adventure Island' $NXPC, while the lowest was $6 million for Defi App $HOME. Excluding the undisclosed financing amount for the Haedal project, the total financing amount for the remaining 12 projects reached $356 million.
The two exceptions without financing information are not insignificant. Spark $SPK comes from MakerDAO, and Newton $NEWT comes from Polygon Labs.
So does Binance have a 'preference' for projects invested in by Binance Labs/Yzi Labs? Actually, no. Among these projects, only four—StakeStone, Sign, Sophon, and Sahara AI—received investments from Binance Labs/Yzi Labs.
From the project type perspective, Binance does not show any particular 'preference', covering a wide range of types. There are modular blockchains, chain abstraction, Payfi, blockchain games, full-chain liquidity protocols, zero-knowledge proofs, etc. These types generally require significant amounts of financing for development.
It can be said that in the era of Binance Alpha 2.0, the path to Binance spot trading is filled with 'regular troops', and it is rare to see projects like $AIXBT from the blockchain.
These projects are not only 'regular troops', but also 'brand new regular troops'—all of them had TGE, open airdrop claims, and then almost simultaneously went live on Binance spot trading. The exception is Lagrange, which was listed on Binance spot trading more than a month after being listed on Binance Alpha and TGE. Simply looking at the connection between these projects and the Binance Alpha airdrop activities, there were 10 projects that conducted 'token airdrops'. The token shares given to the Binance Wallet by these 10 projects also varied, with Haedal giving the most at 3% of its total amount, while Sign and Lagrange gave the least at 0.5%.
Compared to the amount raised, can we consider the performance of these new tokens a success?
Considering the maximum diluted market cap corresponding to the closing price on the first trading day, among the 12 projects that disclosed specific financing amounts, only 4 projects had a maximum diluted market cap that did not exceed 15 times the amount raised, with the lowest being StakeStone, which still had about 8.9 times.
Among the remaining 8 projects, the maximum diluted market cap corresponding to the closing price on the first trading day exceeded the amount raised by more than 20 times. Among them, Sophon had the largest margin at about 66.5 times, while Sahara AI had the smallest margin at about 22 times.
This is not directly related to project types; it is influenced by the market environment at the time, the operation of the project itself, and the market's understanding of the project. For example, although the blockchain gaming sector has not seen much attention and optimism in the market, 'MapleStory Universe Adventure Island' still reached about 26.52 times, which is related to factors such as the project's large game IP and high expectations in the blockchain gaming sector.
Conclusion
From an overall trend perspective, the projects listed on Binance Alpha must undergo quite strict tests from Binance to successfully advance to Binance spot trading. Having a narrative and financing has become a 'standard', but project types are not limited to popular market hot concepts.
Among the projects we could statistically analyze, over 75% had a closing price on the first trading day corresponding to a diluted market cap that was more than 20 times the amount raised, which has become a kind of 'passing line' for new projects.
