In the past period, Binance Alpha and IDO have indeed become the preferred launch channels for many new projects. Whether it’s the traffic advantage, brand endorsement, or the anticipation of eventually landing on Binance spot, this path remains quite attractive. However, data indicates a significant gap between expectation and reality.

According to a research report by @IOSGVC, the proportion of projects that successfully land on Binance spot via Alpha or IDO channels is not optimistic. Specifically:

- Only 12.2% of Alpha projects can enter the Binance spot market.
- The conversion rate for IDO projects is slightly higher, but still only 23.8%.
- In contrast, the proportion of projects entering the Binance contract market is higher, with Alpha projects at 37.8% and IDO projects reaching 66.7%.

These data illustrate a fact: for most projects, Alpha or IDO is more of a channel for gaining initial exposure rather than a guarantee for being listed on mainstream exchanges.

With the generally extended timeframes for spot listings, project teams have to reassess their exchange strategies.

As this awareness spreads, more and more projects are beginning to include other top exchanges in their plans. Data shows that Bitget, Bybit, Coinbase, and Upbit have become the most common alternatives, with Bitget's performance particularly noteworthy.

❚ In terms of capacity:

- For Alpha projects, the listing rate on Bitget reaches 34.1%, close to Binance contract's 36%.
- In terms of IDO projects, Bitget's acceptance rate is as high as 61.9%, significantly better than Bybit's 47.6%.
- Coinbase and Upbit have relatively low acceptance rates, mainly limited by their specific review standards or regional positioning.

❚ Listing speed is also a key consideration:

- Bitget and Bybit have the fastest processing speeds, with Alpha projects being listed in an average of 13-14 days.
- IDO projects can basically achieve TGE same-day listings on both exchanges.
- Coinbase and Upbit have longer processes, averaging 29-31 days, mainly affected by compliance reviews or localized operational rhythms.

This efficiency difference directly impacts the ability of projects to maintain community engagement and has become an important basis for exchange selection.

❚ In terms of market performance, Bitget shows a clear advantage in price support:

- Alpha projects have an average return of 41.8% after 14 days of listing, far exceeding Bybit's -2.3% and Coinbase's -5.1%.
- IDO projects have an average return of 29.2%, also leading most platforms.
- It is particularly noteworthy that Bitget is the only platform in this article that maintains positive returns on both Alpha and IDO projects.

The exchange landscape is shifting from 'single dependence' to 'one strong player with many strong competitors'.

Binance Alpha/IDO remains an important entry point for project cold starts, but data reveals that a tiered liquidity structure has become the new normal.

The rise of exchanges like Bitget essentially reflects a new market demand for efficiency and flexibility:

- Efficiency is reflected in quick responses (same-day TGE listings) and price discovery capabilities (14-day positive returns).

- Flexibility is demonstrated by inclusivity for diversified projects (covering Alpha/IDO) and regional liquidity supplementation.

This trend may indicate that the crypto market is entering a new stage: liquidity is no longer concentrated in a single hub, but rather forms a dynamic network through specialized division of labor.

In the future, a project's core competitiveness may not only lie in the product itself but also in how cleverly this liquidity chain is configured.

#CEX