Inventory of 7 potential contract coins for Binance

Source: BlockBeats

As Bitcoin once again surged past $37,000 and news of Ethereum spot ETFs emerged, the crypto market is once again filled with bullish sentiment. Binance, as the platform with the most users and the highest trading volume, continues to influence the short-term price increases of any token through its listing and contract news.

A few days ago, BADGER quickly caught the market's attention after experiencing a consecutive 2-day increase of over 20%. Binance subsequently announced the launch of U-based contracts on November 9, which further fueled the market. This operation is also part of Binance's standard process for recent contract listings. According to Look on Chain data, there are currently 65 tokens on the Binance platform that only have spot trading but no contracts. BlockBeats has identified 7 recently popular and noteworthy tokens from this list.

FTX Token (FTT)

• Current Price: $2.8

• Price Change (24H/7d/30d): 62.8%, 118.6%, 158.4%

• Market Cap: $689,998,384

• Trading Volume (24h): $628,120,722

As the platform token of the once second-largest exchange FTX, FTT plummeted from $20 to a low of $0.8 during FTX's collapse at the end of 2022. However, almost all bankrupt platform tokens share a characteristic: their fundamentals become extremely bearish due to bankruptcy, with those who can sell doing so in panic, leaving no tokens behind. Those who cannot sell are either because their holdings are too large to find buyers or they suffer significant losses if they do sell (for example, some VCs holding FTT). Additionally, some retail investors were locked in on the FTX platform and unable to withdraw during the collapse.

This led to almost all news regarding FTT after the FTX collapse being positive, and there was almost no selling pressure from retail investors, meaning its price could rise based entirely on the "vision" of VCs and FTX's bankruptcy handlers. Since April of this year, every time news of a "restart" for FTX has emerged, it has driven FTT to experience significant price increases, but each of the three rises ultimately "returned to where it came from."

Just a few days ago, U.S. SEC Chairman Gary Gensler stated in an interview that a restarted FTX is possible if the new leadership operates with a clear understanding of the law. This news caused FTT to soar again, and this time it rose even more sharply than in previous instances, under the tacit approval of the SEC Chairman. However, it is worth noting that with FTT's price increasing by 225% in the past two days, the value of the 267 million FTT tokens held by FTX/Alameda (accounting for 76% of the total supply) also rose to $427 million. As retail investors, we can never know when the FTX address will sell, nor can we know if FTX will ultimately succeed in restarting. In the worst-case scenario, buying FTT could lead to it being sold off at high prices by FTX's bankruptcy handlers to repay creditors, and then FTX may ultimately fail to restart or be merged into another platform, causing FTT to lose its value.

Raydium (RAY)

• Current Price: $0.31

• Price Change (24H/7d/30d): 12.2%, 16.8%, 96.8%

• Market Cap: $75,910,102

• Trading Volume (24h): $54,463,569

Raydium is a leading DEX within the Solana ecosystem and one of the main protocols that FTX/Alameda has laid out in the Solana ecosystem. RAY also fell to a low of $0.14 during FTX's collapse at the end of 2022. Although it has rebounded over 100% in a year, RAY's price rebound is not as strong compared to SOL or FTT.

According to DeFiLlama data, Raydium's trading fees in the last 24 hours were $216,427, with protocol revenue at $25,971. However, based on RAY's token economics, merely holding RAY does not yield any returns; it requires staking RAY to earn a meager 0.03% of the protocol's trading revenue as a reward. This also explains why RAY has been relatively ordinary despite the strong performance of SOL and FTT.

Illuvium (ILV)

• Current Price: $93.67

• Price Change (24H/7d/30d): 16.8%, 85.7%, 134.9%

• Market Cap: $563,562,431

• Trading Volume (24h): $76,094,261

The AAA blockchain game Illuvium is a decentralized RPG and collection game where players can capture and control divine beasts (Illuvials) using crystal "fragments" and engage in PvP combat. Additionally, Illuvium has an online marketplace where users can trade NFTs of divine beasts. ILV reached a peak price of $1911.26 during the bull market in November 2021, but subsequently fell to a low of $37.7 in December 2022. With the market improving, ILV's price has rebounded by 134.9% in the last month.

Illuvium has completed multiple rounds of financing, raising $5 million in a seed round in March 2021 led by Framework Ventures. In April of the same year, it raised $38 million through Balancer LBP. On May 31 of this year, Illuvium completed a $10 million financing round, fully participated by Framework Ventures.

According to its official announcement, Illuvium plans to launch on the Epic Games Store on November 28. The game is developed using Unreal Engine 5 on the Immutable X network. Illuvium includes three interoperable AAA games: Illuvium: Zero (a city-building game), Illuvium: Overworld (a monster world), and Illuvium: Arena (an arena).

Vulcan Forged (PYR)

• Current Price: $5.86

• Price Change (24H/7d/30d): 3.1%, 47.7%, 108.8%

• Market Cap: $140,400,630

• Trading Volume (24h): $46,483,294

Vulcan Forged is a community-based blockchain gaming ecosystem that operates NFT game studios, marketplaces, and dApp incubators. The project aims to support the creation of blockchain games through incubation programs and crowdfunding. Vulcan Forged is the creator of VulcanVerse, an open-world MMORPG.

On December 13, 2021, the NFT game studio Vulcan Forged officially announced that the platform had suffered a hack, resulting in the leakage of private keys from 148 user wallets, leading to the theft of over 4.5 million native tokens PYR. Based on PYR's highest price of $32.7 in the last 24 hours, the total loss exceeded $145 million, and as of the time of writing, PYR's price is $24.37. The platform's officials stated that they are attempting to establish a fully decentralized wallet system, and all stolen PYR will be compensated by the platform. They have also contacted all trading platforms to blacklist the hacker's address and had previously conducted KYC records on a certain trading platform before tracking the hacker.

On November 29, 2022, Coinbase listed Vulcan Forged PYR (PYR). After reaching a peak price of $49.737 during the bull market in December 2021, PYR fell, experiencing significant hacking incidents in between. Subsequently, its price consolidated around $3 for a long time, but in the last month, PYR has effectively broken out of the consolidation range, rebounding by 108.8%.

Virtua Kolect (TVK)

• Current Price: $0.03531814

• Price Change (24H/7d/30d): -2.9%, 55.2%, 86.8%

• Market Cap: $42,152,654

• Trading Volume (24h): $17,353,316

Terra Virtua Kolect (TVK) is a next-generation NFT ecosystem aimed at enhancing adoption and interoperability between games. The protocol includes everything you need to create, trade, sell, and collect NFTs globally. The network spans multiple digital environments, including PC, AR, VR, and mobile gaming platforms.

Recently, Virtua Kolect (TVK) plans to rebrand and launch a new L1 blockchain after receiving majority approval for a voting proposal. The price of TVK rose to $1.2236 in March 2021, reaching an all-time high. It then fell back to $0.08 in June of the same year and rebounded to $0.47 during the bull market in November before falling again. The price has fluctuated significantly, entering a long-term consolidation between $0.02 and $0.04, with a recent increase of 86.8% in the last month.

In January of this year, as the metaverse concept gained popularity, TVK surged over 80% on January 29, reaching $0.0579. As a cross-platform metaverse gaming ecosystem, it belongs to the Binance system, featuring both tokens and NFTs, with a small market cap.

Osmosis (OSMO)

• Current Price: $0.5303

• Price Change (24H/7d/30d): -1.3%, 20.9%, 101.6%

• Market Cap: $332,072,898

• Trading Volume (24h): $12,277,730

The Cosmos ecosystem DEX protocol Osmosis recently launched nBTC, supported by the Bitcoin sidechain development company Nomic, which truly bridges asset interactions between Cosmos and Bitcoin. Like many Cosmos ecosystem tokens, OSMO's circulation is mainly limited to its ecosystem, and there are currently no CEX listings for OSMO trading pairs.

Mobox (MBOX)

• Current Price: $0.2595

• Price Change (24H/7d/30d): -7.2%, -0.2%, 22.3%

• Market Cap: $54,019,816

• Trading Volume (24h): $14,930,222

The Web3 gaming platform Mobox has been very active recently. On October 27, the platform announced a strategic investment in the Web3 game development platform P12. Additionally, on November 1, MOBOX announced the launch of a new buyback and burn plan, stating that it will continuously utilize $7 million from its treasury to ensure the sustainable value of assets through multi-platform integration, dynamic allocation, and transparent on-chain and off-chain methods.

From the above, it is not difficult to see that the project team seems intent on leveraging this market trend to promote the development of its platform and increase the value of its tokens. However, investors do not seem to be very "convinced," as the token price performance remains lukewarm, warranting further observation.