_FORAB

After asking around, the Ethos IDO that circulated in the afternoon should be the disclosure from a certain DAO investment organization to its investors, which is actually the seed round fundraising information of Ethos.

Equity Valuation: 30 million u
Token Valuation: 75 million u
Financing Amount: 1.75 million u
Release: Locked for 6 months, linear for 18 months

If profits are made after unlocking and selling, the investment organization will take a 5% share; if there are no profits, they will still collect a 0.33% fund management fee.

After asking around, the Etho IDO that circulated in the afternoon should be the disclosure from a certain DAO investment organization to its investors, and in fact, it is the seed round fundraising information of Etho.

Equity valuation: 30 million u
Token valuation: 75 million u
Financing amount: 1.75 million u
Release: Locked for 6 months, linear for 18 months

If there is a profit after unlocking and selling, the investment organization will take a 5% share; if there is no profit, they will still charge a 0.33% fund management fee.

After Binance Wallet started supporting the SUI chain, Binance Alpha has consecutively listed two Sui tokens, SCA and NAVI, marking a path for Sui ecological projects from token issuance to subsequent listing on Binance.

Unlike the listing of Puffer two days ago, both Scallop and NAVI did not airdrop to Alpha points users this time, which means that both projects are passively listed.

Previously, each leading public chain had its own top applications on their chain, with cases of being listed on Binance.

For example: Trader Joe on AVAX, TreasureDAO on Arbitrum, but as the strongest Sui chain in the 3S sector, so far, only the related Cetus has been listed on Binance, and it is not only native to Sui; Aptos is also involved.

Therefore, the community is currently quite excited about the two projects from Sui, as they are both projects in the DeFi + lending track, and there are currently none listed on Binance in this track within Sui.

Additionally, there is information that NAVI's growth director was born in 1999 and is only 26 years old this year, while Scallop's core member and CMO is only 23 years old this year.

If these two projects are ultimately listed on Binance one after the other, it may further lower the record for young entrepreneurs in the industry.

Just now, news from the peers in the Japanese and Korean blockchain gaming circle went viral, as it turns out that Binance and Upbit have simultaneously launched the blockchain gaming platform NEXPACE from the leading Korean game company Nexon.

This is the second game project that Upbit has launched in the past two years, following Bigtime, breaking the curse of never listing game-related tokens.

In other words, Nexon, which once released DNF, MapleStory, CSOL, and KartRider, has officially entered the token issuance space.

Early in the morning, many different platforms' Golden Dogs appeared, and the most discussed question among everyone is whether these tokens will be listed on Binance Alpha? Based on observations after the new listing regulations in the past month, it is currently found:

Circulating projects (choose one):
· Will map to BNB Chain + Alpha airdrop
· Extremely high market popularity + Wallet supports this chain

The probability of being included in Binance Alpha is relatively high.

New projects that are not circulating (choose one):
· Will initially launch on BNB Chain + Wallet launch
· Initially on other chains, but airdrop + high popularity

The probability of being included in Binance Alpha for the first time is relatively high.

Since yesterday's RDAC airdrop, the point rules for Binance Alpha have changed from being able to receive airdrops by just meeting the points requirement, to now needing to:

· Meet the points requirement + Consume additional points

Time-limited rule: Suppose that over the past 16 days, 10 points were earned each day, but since Binance Alpha currently only counts the latest 15 days, the points earned on the 16th day will disappear.

Consumption rule: Only after meeting the points within the 15 days can you claim the latest airdrop and consume points.

After the update: The first RDAC requires 205 points to be met, and additionally, 15 points must be consumed to claim it.

This also means that the past era of simply grinding points and passively mining and selling has ended. Moving forward, not only do you need to grind points, but also identify the potential for transaction costs being clawed back, making it significantly more challenging.

In front of us is the synthetic staking Falcon promoted by DWF, and behind us is the on-chain platform edgeX incubated by Amber. This generation of market makers has all taken to the field to work on projects, without exception, all betting on on-chain.

It is remarkable that this year, driven by Hype, the market cap ceiling of the on-chain derivatives track has been completely opened up, and none of them received VC investment, but instead bootstrapped from their own pockets.

Let’s briefly talk about edgeX incubated by Amber:

Unlike most actively trading market makers in the market, Amber has provided liquidity to numerous projects and offered asset management services, but it has never publicly participated deeply in projects or launched tokens.

This means that a company supported by Paradigm, Temasek, and Coinbase has not provided much opportunity for participation, except for those who deposit money for wealth management.

Although recently, Amber went public through a SPAC on the US stock market, and its stock price has more than tripled, it is still aimed at stock investors, and the exposure to participation is not in the form of buying tokens within the circle.

Thus, this time, stepping in to incubate projects and publicly supporting them becomes really meaningful. From an objective perspective, this is equivalent to a project initiated by Amber itself. If edgeX officially launches a token next, it would also be normal to say it is Amber's token.

High-performance narrative.

After Hyperliquid became popular this year, the narrative surrounding high performance + derivatives DEX has become popular in the industry. For players, the overall experience is almost akin to centralized contracts, and since it is on-chain trading, the entire process is transparently displayed on the block explorer.

This has allowed edgeX to determine its direction, which is to strive to become a high-performance DEX in the market while also building its own high-performance public chain to ensure it controls the entire performance upper limit design.

Currently, without VC support, edgeX's liquidity is second only to Hyperliquid and Lighter. As the officially claimed edgeX Vault gradually opens, liquidity will further increase.

This has also made edgeX one of the top 5 derivatives DEXs by trading volume on Defilima, and it is the only one among them that has not yet launched a token.

Market capitalization and token launch expectations.

According to edgeX's roadmap, the high-performance testnet is expected to go live in mid-June this year, also using Ethereum L2, ensuring that main chain assets can cross to the edgeX network at any time.

Currently, the leader in this track, Hype, although has decreased from its peak, still has a market cap of 20 billion, while the second-ranked Solana chain leader Jupiter has a market cap of 4.2 billion, both belonging to projects with relatively high market caps.

Since edgeX has no VC investment and is a project incubated and controlled by market maker Amber, community expectations are quite high, avoiding the possibility of having to launch on Binance Alpha first. It could also follow Hyperliquid's model of directly opening platform token trading within the app and guiding the price.

Recently, there has been a lot of discussion about the post-00s and the management of major exchanges. However, it has to be said that the cryptocurrency circle is accelerating its youthfulness, with more and more young people entering the scene appearing in our view.

The next Binance Alpha launch project REDACTED will have an airdrop and trading tonight, and there will be another NEXPACE launch the day after tomorrow.

Based on past launch data, these two projects are expected to contribute over 2000 BNB in buying and long-term liquidity locking. In principle, the more projects that launch on Binance Alpha, the more buying of BNB will occur, and players will receive airdrops more frequently.

Irys's token issuance should be approaching soon. Recently, there was a discussion about why there haven't been any storage projects issuing tokens during this cycle, and today we learned that Irys, which was part of the Arweave ecosystem and later became an independent storage L1 chain, is also moving forward.

In simple terms, Irys is a programmable data chain that focuses on permanently storing information on its own EVM-compatible L1, compared to Filecoin, Story, and others, and has since secured $10 million in funding.

The benefit of this approach is that as long as this L1 chain continues to operate, data can be read, written, and downloaded at any time. Even if one day the Irys chain completely stops, data can still be retrieved through the hard drives of nodes that had previously synchronized the full node.

It's somewhat similar to many websites and blogs from back in the day, which have gradually gone offline, but can still be viewed through snapshots of synchronized site records.

Core issue: Storage cost

Currently, the vast majority of on-chain storage solutions do not support permanent storage. The main reason is that permanent storage usually requires a one-time substantial fee, but the costs involved in hardware replacement, operations, electricity, etc., many years down the line are very difficult to calculate.

If the pricing is set too high, it could deter participants, while a large amount of permanently saved on-chain data could lead to continuous expansion of the on-chain state, increasing the threshold for full node synchronization and storage, thereby affecting network availability.

Although Irys's solution involves a one-time high fee and requires node operators to stake tokens, with rewards only obtainable through long-term availability, it still needs time to assess whether it's a feasible long-term solution.

Overall, it relies on: first collecting enough funds + staking + proving + multiple backups, etc., to ensure the continuous provision of permanent storage.

Current clients that have already been established include Emet, AI Protocol X, P Rights Hub, etc., with Emet being a database built directly on Irys to ensure the accuracy of model transactions and data markets.

Market cap expectations?

Compared to Filecoin and Story, Irys was initially a project within the Arweave ecosystem but has since transformed into an independent public blockchain for data storage through continuous iteration.

However, in this market cycle, the main focus is not on on-chain storage, but rather on related client fields, such as the storage needs of NFTs and blockchain gaming projects, which have seen a significant decrease. Typically, the storage sector needs to interact with NFTs and blockchain games to trigger large-scale speculation.

Therefore, the community's market cap expectation for Irys is between $500 million to $1 billion, which also depends on whether Irys will launch as a top-tier project or go for an alpha launch; the opening market cap difference between the two is usually quite significant.

The advantage is that platforms in Europe and America typically have airdrop distributions to ensure projects lean towards decentralization, avoiding the legal risks of token concentration.

Regarding tariffs, everyone seems to be calculating, but Bloomberg's view is the clearest; it remains an unequal treaty, and with Trump's term still having more than 3 years left, based on his style, there is a high probability of various reversal events occurring.

Recently, it really feels like the difficulty of trading cryptocurrencies this season has noticeably increased. On one side, there are local mainstream and meme rebounds, while on the other side, many altcoins are about to break below OTC and VC prices.

The benefits of this wave of tariffs have indeed saved most of the knockoff projects, like Movement and others, which had recently almost dropped to the discount prices of previous OTC sales, and they were purely saved by this wave of rebound.

However, Trump still has more than 3 years left in his term, and at this frequency of turmoil, it feels like there will be many more reversals to come. It's exhausting, really exhausting.

This morning, the news about a 23-year-old child who has been at Bybit for 5 months and is now the CMO went viral. I checked LinkedIn, and there is indeed such a person, but they are not the CMO; rather, they have progressed from a business manager to the head of recruitment and marketing supervisor within 5 months.

A plot comparable to a thrilling drama has unfolded at Bybit.

Shocked, just learned that a startup company, the boss collected the employee identity information below, registered on Binance, participated in Alpha airdrops and IDOs, to hedge against the monthly employee salary expenses..

Now not only covering the salary expenses, but also able to save quite a bit of money each month.

This is the first time I have seen the project party, claiming earlier than Binance that the project will be listed on Binance in the future. If Binance officially announces it, raising cattle Eclipse will be the first well-known girlfriend coin in the industry.

However, the VC cost of this project is 1 billion, and the KOL round cost is 600 million. Who will take over...

A bit worried that Backpack might become the next FTX. Just finished exchanging USDC 1:1 for USD, with 0 fees for fiat withdrawals, and now there’s a guaranteed stable annualized return of 5%... It feels too familiar, all the familiar feelings are back, just missing a founder with an afro.

Tracked for several months, I looked at the projects that are now launching on Binance Alpha, and it feels like there are two waves of listing.

Before new regulations:
· 4 - 5% token airdrop
· 1.5 - 2 million USD in liquidity
· 90-day observation period for listing on Binance
· After listing, 2 - 2.5% of tokens airdropped to BNB holders on the platform
· Representative cases: STO, BMT, SHELL

After new regulations:
· 1.6 - 2% token airdrop
· 1.5 - 2.5 million USD in liquidity
· Currently, apart from the HYPER that opened on the same day, there are no other projects, the initial airdrop is followed by more days before listing on Binance spot.

In summary, after the new regulations, the selling pressure from airdropped tokens will be lower, which is more beneficial for project teams in terms of on-chain control and price guidance, but the downside is that recent listing cases under the new regulations are gradually decreasing.

Now not only are our Alpha points at P, but the project teams are also in PVP with each other.

Those who sold hardware, nodes, or sold shares through public offerings in the previous cycle of DePIN are indeed in a rather awkward position this cycle.

Binance Alpha + Wallet IDO launch, if there is no subsequent official announcement from the Binance main site, the market cap will peak at most at 150 million, and this premise still requires absolute control of the market.

If we take other first and second tier exchanges, recent feedback from projects and market makers indicates that buying interest is becoming increasingly weak. Issuing tokens and exiting have become challenges.

The last cycle was quite awkward for those who sold hardware and nodes for DePIN, or raised funds through public offerings.

Binance Alpha + Wallet IDO, if Binance's main site does not officially announce it later, will be capped at a market value of at most 150 million, with the premise still being control over distribution.

And if it goes to other first or second tier exchanges, based on recent general feedback from projects and market makers, there is not much buying power, and it’s even getting weaker. Issuing tokens and exiting has become a challenge.

A few days ago, the official BNB chain announced a new trading volume doubling reward, and I decided to go back to earn Alpha points. If you can't beat them, join them.

Based on: BNB pool liquidity depth, transaction fees, and daily trading volume, three important indicators to reverse-engineer, I started with the following few, trying to keep the process as low-cost as possible.

Overall, the strategies are just a few:

1️⃣ Only trade on the BNB chain, there will be a double trading volume reward.
2️⃣ Choose those with good liquidity, large back-and-forth trades result in low costs.
3️⃣ Choose those with low fees, friendly for high-frequency traders.

Currently, I've brought in my wife, my uncle, and my neighbor, four of us are continuing to earn points together. According to recent information in the industry, this reward window should last for a few more months, and many projects are queuing to list on Binance Alpha, which belongs to the Alpha market, and it should last for a few more months.