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

Author: Cookie, BlockBeats

A month ago, we organized the "token airdrop" projects on Binance Alpha, attempting to analyze the market's preference for different conceptual tokens based on the price performance after these projects' "token airdrops."

This time, we switched to a new perspective—projects that have been listed on Binance spot trading in Binance Alpha. What effective information and interesting conclusions can we draw by observing these projects from multiple data angles?

Is Binance Alpha still a "foothold" for Binance spot listings?

Initially, Binance Alpha served as a "foothold" for Binance spot listings, but after Binance announced the upgrade to Binance Alpha 2.0 in March this year, the correlation between projects listed on Binance Alpha and those listed on spot trading has weakened significantly.

After the Binance Alpha 2.0 update, a total of 88 projects have been listed, with 71 projects having undergone "token airdrops." Ultimately, only 15 projects have been listed on Binance spot trading, accounting for about 17% of all listed projects and approximately 21% of projects that have undergone "token airdrops."

Are all the spot-listed projects "brand new regular troops"?

After the Binance Alpha 2.0 update, among the 15 projects listed on Binance spot trading, 13 have received financing. According to the disclosed data from various project parties, the highest financing amount was for the blockchain game "MapleStory Universe" $NXPC, which raised $100 million, while the lowest was for the DeFi app $HOME, which raised $6 million. Excluding Haedal, whose financing amount has not been disclosed, the total financing amount for the remaining 12 projects reached $356 million.

As for the 2 exceptions without financing information, they are quite notable. Spark $SPK comes from MakerDAO, and Newton $NEWT comes from Polygon Labs.

So, does Binance have a "preference" for projects invested in by Binance Labs/Yzi Labs? Not really. Among these projects, only 4—StakeStone, Sign, Sophon, and Sahara AI—received investments from Binance Labs/Yzi Labs.

In terms of project types, Binance does not show any particular "preference," covering a wide range of types. There are modular blockchains, chain abstraction, Payfi, blockchain games, full-chain liquidity protocols, zero-knowledge proofs, etc. These types generally require significant financing for research and development.

It can be said that in the era of Binance Alpha 2.0, the road to Binance spot trading is filled with "regular troops," and it is rare to see projects like $AIXBT from the chain.

These projects are not only "regular troops," but also "brand new regular troops"—all are TGE, open airdrop claims, and then almost simultaneously listed on Binance spot trading. The exception is Lagrange, which was listed on Binance spot trading more than a month after being listed on Binance Alpha and TGE. From the perspective of the correlation between these projects and the Binance Alpha airdrop activities, 10 projects underwent "token airdrops." The token shares allocated to the Binance Wallet by these 10 projects vary, with Haedal providing the largest share at 3% of its total, while Sign and Lagrange provided the smallest share at 0.5% of their totals.

Compared to financing amounts, can the performance of these new tokens be considered successful?

Excluding the maximum diluted market cap corresponding to the closing price on the first trading day, among the 12 projects that disclosed specific financing amounts, only 4 projects had a maximum diluted market cap that did not exceed 15 times their financing amount, with StakeStone being the lowest at about 8.9 times.

The remaining 8 projects had a maximum diluted market cap corresponding to the closing price on the first trading day that exceeded their financing amount by 20 times. Among them, the highest was Sophon, reaching about 66.5 times, while the lowest was Sahara AI, reaching about 22 times.

This does not have a direct correlation with project types; it is influenced by the market environment at the time, the operation of the projects themselves, and the market's understanding of the projects. For example, although the blockchain gaming sector has not received much attention or optimism in the market, "MapleStory Universe" still reached about 26.52 times, which is related to the project's strong game IP and high expectations in the blockchain gaming sector.

Conclusion

From an overall trend perspective, projects listed on Binance Alpha must undergo strict tests from Binance to successfully advance to Binance spot trading. Having a narrative and financing has become a "standard," but project types are not limited to popular market concepts.

Among the projects we could statistically analyze, over 75% had a maximum diluted market cap corresponding to the closing price on the first trading day that exceeded their financing amount by 20 times, which has, to some extent, become the "passing line" for new projects.