Real Data of 10 Projects: Binance Wallet IDO Project Survival Report

As Web3 enters a new round of adjustment, Token Generation Events (TGE) are no longer just a simple financing tool but have become a battleground between projects and the market. Especially in the current environment of liquidity contraction and insufficient investor confidence, how to initiate and in what manner has become a topic that project teams must consider carefully.

IDO is a common method of TGE. From early platforms like Coinlist, many top-tier projects have emerged through IDOs. However, as the number of projects increases, the wealth effect of IDOs has diminished. Binance's every move constantly stirs the market's nerves. Since 2025, Binance Wallet IDO has become a choice for many projects to launch. Its characteristics of "low barriers, high popularity, and strong traffic" quickly became the market focus, attracting a large number of startups and community attention, but it also exposed a series of fundamental changes in the structure, valuation system, and project logic of the new coin market.

However, is this model truly suitable for every project? Which projects can amplify their narratives and achieve a cold start quickly through it, and which projects might face the dilemma of "high opening and low closing" after the market frenzy? The Klein Labs Research team conducted a systematic data study and structural dissection of 10 Binance Wallet IDO projects that have gone live, attempting to help project teams make smarter judgments from a strategic perspective.

1. Background: What kind of market cycle are we in?

From the past few months, we can clearly observe the evolution of market investment preferences:

1. Early Preference: High Valuation + Low Circulation Model (VC-led, Short-term Speculation)
2. Mid-term Frenzy: Fully Circulated Meme Coin Model (Zero-barrier Speculation)
3. Current Turning Point: The market is returning to a focus on fundamentals and strong sustainable projects

At the same time, the structure of the TGE model is also undergoing three stages of evolution:

• Early Model: Low Valuation Issuance + Market Value Discovery Mechanism (Narrative-driven)
• Mid-term Model: High Valuation Issuance + Insider Arbitrage (Through OTC or selling immediately after release)
• Current State: Returning to Low Valuation Opening (Lack of buying interest, no one willing to "take over")

The most intuitive manifestation of this market state is that we see Binance Wallet IDO projects launching at low valuations. Project teams must exchange extremely low valuations and release ratios for a bit of market attention. Behind this is an important logic:

The valuation of TGE does not reflect the "future value of the project," but is a comprehensive mapping of current market liquidity, expected listings, narrative strength, and market-making systems.

2. The Traffic Effect of Binance Wallet IDO Remains Strong, but Rhythm Control is Key

From the data, Binance Wallet IDO has brought significant market attention and brand exposure to projects:

• The average number of participants is 80,965;
• The amount raised in a single round is between 60,000 and 443,000 BNB;
• The oversubscription rate ranges from 6,900% to 36,500%.

Among them, KiloEx even reached an oversubscription rate of 36,492%.

Binance Wallet IDO can easily attract user attention at the hundred thousand level, and even in a generally cold market, it can still attract tens of millions of dollars in equivalent assets.

Although the mechanism optimization has raised the participation threshold for users, it can effectively filter out higher quality users with long-term value and stickiness, bringing a healthier user structure and community foundation for project teams, which is beneficial for subsequent community operations and user conversion.

With the support of Binance Wallet's easy access mechanism, project teams can still gain strong cold start momentum, significantly compressing user acquisition paths and cold start costs.

3. The TGE Model is De-leveraging, Wallet IDO Projects Generally Start at Low Valuations

Through data analysis, we find that Binance Wallet IDO projects have very obvious commonalities in token economics:

• The token release ratio during the IDO phase is generally low, ranging from 2% to 5% of the total supply, with an average of 4.44%;
• The circulation ratio during the initial issuance (TGE) phase is usually between 20% and 30%, ensuring that initial market liquidity is not overly diluted;
• The fully diluted valuation (FDV) corresponding to the IDO phase is between 10 million and 30 million dollars. Overall, this falls within a relatively reasonable or even slightly low valuation range.

Project teams are still willing to conduct TGE through Binance Wallet IDO at this stage for several considerations:

• The product has taken shape, and there is a need to issue tokens to access use cases / incentive systems / settlement systems;
• There is a need to gain community attention and trading support at a low cost, equivalent to a large-scale market launch, forming a liquidity starting point;
• Adhering to the long-termism philosophy, accepting low valuations, low releases, and slow-paced growth.

Current Binance Wallet IDO projects must accept the low valuation pressure brought about by declining market confidence. However, this can also reserve more room for market value appreciation for excellent project teams.

4. Exchange Performance: Binance Wallet IDO is a Ticket to Binance, Not the Final Destination

In the imagination of many teams, Wallet IDO means "landing on Binance." However, the reality is far from this:

• The spot listing rate on Binance is 40% (SHELL, BMT, PARTI, HYPER);
• About 90% of projects have landed on the Binance Futures market;
• Bybit has a spot listing rate of 70%; contract listing rate of 80%;
• The current listing rate on Korean exchanges is not high and is relatively non-standard.

Binance Wallet IDO does not equal Binance listing. What Binance Wallet IDO provides is more like a trial operation ticket to enter the Binance traffic ecosystem. Whether it can "officially" enter the spot market still depends on the project's data performance, user feedback, and internal evaluations by the Binance trading team after launch. Project teams should view it as a "rehearsal before the main stage" and prepare adequately for subsequent listings and secondary liquidity support.

5. Price Trend: Strong Start, Long-term Performance Depends on Operations and Market Strategy

From the current data, most Binance Wallet IDO projects perform excellently on their first day, with return on investment (ROI) generally impressive:

• PumpBTC saw a first-day increase of up to 760%, and KiloEx's return performance is also remarkable.
• Although there is significant price volatility on the first day, the medium to long-term performance of the projects relies more on sustained operational capability, market management strategies, and clear long-term development plans.
• Notably, some projects (such as MyShell, Bubblemaps, PumpBTC) chose to actively expand into the Korean market after the IDO to drive subsequent growth.

While Binance Wallet IDO projects often experience a surge in popularity initially, if project teams lack long-term planning, they will struggle to withstand the multiple challenges in the current market environment—such as weak buying interest, investors' reluctance to chase short-term circulating supply, and insufficient fundamental support for the medium to long term, along with the premature exhaustion of narrative value. In this context, the market performance of different projects is gradually showing significant differentiation.

Short-term popularity is indeed easy to obtain, but what truly determines whether a project can go far is still sustained operational capability and market management strategies. Project teams need to plan the rhythm of secondary market control and investor relations management in advance to avoid rapid price declines and achieve steady long-term value release.

6. Trading Heat Performance: A True Reflection of Market Attention and Capital Momentum

The market performance of Binance Wallet IDO projects varies by project, but overall trading heat is generally high:

The three projects PARTI, BMT, and BR performed outstandingly, with first-day trading volumes exceeding 20 million dollars.

The high trading volume is not only related to initial traffic but also closely linked to the project's narrative strength, token economic design, and market expectation management;

IDO is merely the "ignition point" of popularity, and whether it can maintain heat and ignite the secondary market depends on the overall execution and operational rhythm control of the project. Many poorly performing projects quickly fell silent after TGE, either due to a lack of continuous content output to maintain topic heat or due to loss of confidence caused by uncontrolled market management.

Conclusion: Binance Wallet IDO is a "Value Filter" and a Narrative Validation

Binance Wallet IDO is a structured, high-leverage cold start method for current Web3 projects to initiate narratives, build consensus, and amplify attention. It provides project teams with a "launch script" to leverage small costs for large volumes, but it also places high demands on the team's execution capability, operational planning, and market management ability.

The data performance of Binance Wallet IDO reflects the profound evolution of the entire market's valuation logic and issuance model. It is neither an endpoint nor a pass; rather, it is a window to validate product vision and test market mechanisms at a low cost.

Because the market is currently in a state of low confidence + low liquidity + high vigilance, it is even more necessary for those truly willing to build long-term projects to step forward and use Binance Wallet IDO to showcase their product value, narrative rhythm, and operational capability.

It is not suitable for everyone, but for those with a clear story, defined rhythm, and long-term construction willingness, it is an important springboard into the Binance ecosystem and mainstream market visibility. During the window period after the bubble bursts, the market returns to the essence of value. This is actually a positive signal for teams that genuinely want to achieve something and have long-term visions.

Like all platform-based IDOs, after a brief period of joy, how does the feast continue? This is also a question that Binance Wallet needs to consider. Simply put, if Binance Wallet IDO can continue to be the preferred launch platform for quality assets, then its lifecycle can be extended as much as possible. Behind this is the understanding of "quality assets." What projects does the industry truly need? Which projects are suitable for development in this world? Each of us needs to think deeply about this.