Seeing Binance Square hosting an event, let's talk about the Sign project today. Sign was originally listed on Binance's Alpha, and among the many Alpha projects, I consider Sign to be of good quality. First, just looking at the market value, the circulating market value of $SIGN is over $90 million, with a total market value close to $700 million, while the circulating market value of Alpha projects is mostly around $50 million. Now that Sign has launched spot trading on its main site, it shows a good background. I checked, and besides Binance Labs, investors include top institutions like Sequoia Capital, Circle, and HashKey Capital, with a total funding amount of $30.4 million. So why are institutions so optimistic about Sign?
Sign's project positioning is 'Web3 Verifiable Credential Standard Layer', a cross-chain verifiable statement (Attestation) protocol aimed at solving cross-chain identity verification and credential interoperability issues, belonging to Web3 infrastructure protocols. Through Surf, we can see Sign's general technical framework, which has a lot of hardcore content, and those interested can explore it further. However, the biggest issue with infrastructure projects is the lack of revenue sources in the early stages, and it seems Sign has already solved this problem.
According to multiple sources of data, Sign generated $15 million in revenue in 2024, while this figure was only $1.7 million in 2023, showing an astonishing growth rate. The core product contributing to this revenue is its flagship product TokenTable—a professional token distribution and management platform. TokenTable's revenue model primarily includes airdrop distribution fees, OTC unlocking fees, compliance service fees, and technical service fees. The ability to generate such high revenue is closely related to Sign's technical advantages, as it is precisely the cross-chain statement and verification core protocol that Sign has been developing long-term, which makes project parties willing to choose to cooperate with Sign.
Investors are pleased to see that most of these project revenues are reinvested back into the community. Recently, Sign completed a token buyback and destruction worth $12 million, permanently destroying 117 million Sign tokens, with the buyback causing a one-day price increase of 11%. For a project that is still in its relatively early stages, being able to use revenue profits for token buybacks is indeed rare. This also indicates that the Sign project team has confidence in its business model, as Sign Protocol captures the essential need for token distribution in Web3 projects through the TokenTable platform, establishing a sustainable B2B business model, and even if this revenue is used for buybacks, there is still a continuous cash flow of income.
