What are the conditions for the project from Binance Alpha to Binance Spot?

Is everything on Spot a ‘brand new regular army’?

Written by: Cookie

A month ago, we organized a project on Binance Alpha regarding “token airdrops” and attempted to analyze the market’s preference for different conceptual tokens based on the price performance after these “token airdrops.”

This time, we switched to a new perspective - the projects listed on Binance Spot in Binance Alpha. What effective information and interesting conclusions can be drawn from observing these projects from multiple data angles?

Is Binance Alpha still the “outpost” for listing Binance Spot?

The original Binance Alpha was a “foothold” for listing Binance Spot, but after Binance announced the upgrade to Binance Alpha 2.0 in March this year, the correlation between projects being listed on Binance Alpha and being listed on Spot has weakened significantly.

After the Binance Alpha 2.0 update, there are a total of 88 listed projects, of which 71 projects have undergone “points airdrop.” Ultimately, only 15 projects have been listed on Binance Spot, accounting for about 17% of all listed projects and about 21% of the projects that have undergone “points airdrop.”

Is everyone on Spot a “brand new regular army”?

After the Binance Alpha 2.0 update, 15 projects of Binance Spot have been launched, with 13 projects receiving financing. According to the disclosed data from various project parties, the highest financing is for the chain game “MapleStory Universe Adventure Island” $NXPC, with a financing amount reaching 100 million USD, while the lowest financing is for the Defi App $HOME, with a financing amount of 6 million USD. Excluding the project Haedal, which has not disclosed its financing amount, the total financing amount for the remaining 12 projects reached 356 million USD.

And there are 2 exceptions without financing information, both of which are not small. Spark $SPK is from MakerDAO, and Newton $NEWT is from Polygon Labs.

So does Binance have a “preference” for projects invested by Binance Labs/Yzi Labs? Actually, no. Among these projects, only 4 projects, StakeStone, Sign, Sophon, and Sahara AI, have received investment from Binance Labs/Yzi Labs.

From the perspective of project types, Binance does not show any particular “preference” and covers a wide variety of types. There are modular blockchains, chain abstraction, Payfi, blockchain games, full-chain liquidity protocols, zero-knowledge proofs, and so on. These types generally require a significant amount of financing for research and development.

It can be said that in the era of Binance Alpha 2.0, the road to Binance Spot is all about “regular troops”, and it is difficult for us to see on-chain projects like $AIXBT anymore.

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. The exception is Lagrange, which was listed on Binance Spot more than a month after going live on Binance Alpha and TGE. Purely from the perspective of the relationship between these projects and the Binance Alpha airdrop event, there are 10 projects that conducted “point airdrops”. Among these 10 projects, the token shares allocated to Binance Wallet vary, with the highest being Haedal, which allocated 3% of its total token amount, and the lowest being Sign and Lagrange, which allocated 0.5% of their total token amount.

Compared to the financing amount, can the performance of these new coins be considered successful?

The maximum diluted market value corresponding to the closing price on the first day of trading is taken. Among the 12 projects that disclosed specific financing amounts, only 4 projects had a maximum diluted market value that did not exceed 15 times the amount of financing obtained. Among these, the lowest is StakeStone, and even though it is the lowest, it still has an amplitude of approximately 8.9 times.

The remaining 8 projects had their closing prices on the first day of trading corresponding to a maximum diluted market value exceeding 20 times the financing amount. Among them, the largest increase was Sophon, reaching about 66.5 times, while the smallest increase was Sahara AI, reaching about 22 times.

This is not directly related to the type of project; it is influenced by the market environment at the time, the project’s own operations, and the market’s understanding of the project. For example, although the attention and optimism towards the chain game sector are actually not good, “MapleStory Universe” still achieved about 26.52 times, which is related to factors such as the project’s large game IP and its high expectations in the chain game sector.

Conclusion

From an overall trend perspective, projects listed by Binance Alpha must undergo strict scrutiny from Binance to successfully move on to Binance Spot. Having a narrative and financing has become a “standard configuration,” but the types of projects are not limited to popular market trends.

Among the projects we are able to analyze, the proportion of those whose closing price on the first day of trading corresponds to a maximum diluted market value exceeding 20 times the financing amount is over 75%. This has, to some extent, become the “passing line” for new projects.