Author: Klein Labs; Translation: xiaozou

As Web3 enters a new adjustment cycle, TGE (token generation event) no longer stays at the level of financing tools and becomes a battlefield for dynamic games between projects and markets. At a time when liquidity shrinks and investor confidence is weak, how to start TGE and in what form it has become a core proposition that the project team must think deeply about.

As one of the mainstream TGE mechanisms, IDO has written a brilliant history. Platforms such as CoinList have nurtured countless celebrity projects through IDO. But as the number of projects surges, the wealth effect of IDO is gradually declining. At the same time, Binance's every move has always touched the nerves of the market. Since 2025, Binance Wallet IDO has become the preferred release platform for many projects - low entry threshold, high exposure and strong traffic effects, making it quickly become the focus of the market and attracting a large number of early projects and community attention. But in the spotlight, the market structure, valuation system and new asset narrative logic are undergoing drastic changes.

Is this model suitable for everyone? Which projects can use this to amplify the narrative to achieve a cold start, and which ones will fall into the dilemma of "opening high and closing low" after the popularity fades? The Klein Labs research team conducted systematic data analysis and structural disassembly on 10 online Binance Wallet IDO projects, aiming to provide strategic references to the project parties and help make smarter decisions.

1. What market cycle are we in?

In the past few months, market investment preferences have shown a clear evolution trajectory:

Early preferences:High valuation + low circulation model (VC-driven, short-term speculation)

Mid-term fanaticism:Fully circulating MEME currency model (zero threshold hype)

At this stage of shift:Return to projects with solid fundamentals and strong sustainability

At the same time, the TGE model structure has also gone through three distinct stages:

Early Mode:Low valuation issuance + market value discovery mechanism (narratively driven)

Medium-term mode:High valuation issuance + insider arbitrage (through off-market or instant sell)

Current status:Return to low-valuation issuance (buying is scarce, unwilling to "take the flying knife")

This market status is most intuitively reflected in the continued decline in the issuance and valuation of Binance Wallet IDO project. The project party had to exchange for the residual soup of market attention with ultra-low valuation and release ratio. The core insight behind it is:

TGE valuation does not reflect the project's "future value", but real-time synthetic indicators of market liquidity, expectations, narrative intensity and market making system.

2. Binance Wallet IDO traffic effect is still strong, but timing is everything

Data proves that Binance Wallet IDO can bring considerable market attention and brand exposure to projects:

Average number of participants:80,965 users

Single fundraising range:60,000–443,000 BNB

Oversubscription multiples:6,900%–36,500% (KiloEx even hits an astonishing 36,492%)

Binance Wallet IDO can easily leverage the participation of six-digit users, and can still absorb tens of millions of dollars inflows of assets of equivalent value even in an overall downturn market. Although mechanism optimization raises the threshold for participation, this screens out high-quality users with more long-term value and stickiness, forming a healthier community structure, and helping follow-up operations and user conversion.

Relying on the lightweight access mode of Binance Wallet, the project party still maintains strong cold start potential energy, greatly reducing user acquisition time and cost.

3. TGE model deleveraging, wallet IDO project starts with low valuation

Data analysis shows that the Binance Wallet IDO project shows amazing consistency in the token economic model:

IDO Token Release:Generally low (accounting for 2%-5% of the total supply, average 4.44%)

TGE circulation volume:Usually controlled at 20%-30%, avoiding excessive dilution of liquidity in the early stage.

IDO Fully Dilution Valuation (FDV):Concentrated in the reasonable low range of US$10 million to US$30 million

At this stage, the project party still chooses Binance Wallet IDOThree major motivations：

The product is mature and needs to support the use case/incentive/settlement system.

Get community and transaction support at low cost, similar to large-scale market roadshow + liquidity sowing.

Adhere to long-termism and accept low valuations, small releases, and slow growth models.

At present, Binance Wallet IDO project must withstand the valuation squeeze caused by the collapse of market confidence, but this also reserves huge room for growth for truly excellent teams.

4. Exchange performance: Binance Wallet IDO is an entry ticket rather than a finish line

Many teams mistakenly regard wallet IDO as a guarantee on Binance, but the data shows:

Binance spot online rate:40%（SHELL、BMT、PARTI、HYPER）

Binance contract adoption rate:About 90% of the projects

Bybit online situation:70% spot, 80% perpetual contract.

South Korean Exchange:Low and irregular online rate

Binance Wallet IDO is not a pass to Binance spot market directly, but more like a trial field for entering Binance traffic ecosystem. Whether the full spot is available for online purchase depends on the data after the project is launched, user feedback and Binance's internal trading team evaluation. The project party should regard it as a listing preview to prepare for subsequent acceptance and secondary liquidity support.

5. Price trend: start with a strong start, and the long-distance running depends on the operational strategy

Most Binance Wallet IDO projects performed well on the first day, with amazing return on investment (ROI):

Celebrity Case:PumpBTC soared 760% on the first day, and KiloEx also performed well.

Volatility characteristics:The price amplitude on the first day was strong, but the medium- and long-term performance depends on continuous operations, market strategies and a clear roadmap.

Area gameplay:Projects such as MyShell, Bubblemaps, PumpBTC are focusing on the Korean market to promote development after IDO.

Although Binance Wallet IDO projects often trigger market enthusiasm, projects that lack long-term planning are difficult to cope with the current challenges: weak buyers' strength, investors hate short-term selling pressure to chase highs, insufficient fundamental support, or premature narrative overdraw. This leads to an intensified performance differentiation among projects.

Short-term popularity is easy to ignite, and long-term victory requires internal operational skills. The team must pre-plan the secondary market rhythm and investor relations to avoid price collapse and achieve long-term steady-state value release.

6. Trading popularity: the real ruler of market attention and capital flow

The market response of Binance Wallet IDO projects varies, but overall transaction activity remains strong:

Head items:The first-day trading volume of PARTI, BMT and BR all exceeded US$20 million.

Hot Drivers:High activity not only comes from initial traffic, but also relies on narrative tension, token economic design and expectation management.

IDO is just a spark of popularity. Whether it can continue and amplify in the secondary market lies in execution and rhythm control. Underperforming projects tend to be silent after TGE, either stimulate discussion due to lack of ongoing content, or consume confidence due to improper market operations.

Conclusion: Binance Wallet IDO is the value filter and narrative test site

Binance Wallet IDO is a structured high-leverage tool for cold-start narrative, consensus building, and amplifying sound volume in Web3 projects. It provides the team with scripts that transform limited investment into huge potential energy, but requires extreme execution, planning and market acumen.

Its data reflects the deep evolution of market valuation logic and issuance paradigm. It is neither a terminal nor a pass, but a low-cost window to verify product vision and test market mechanisms.

At the end of the current cycle of "low confidence + low liquidity + high vigilance", projects that insist on long-term construction should take the initiative and use Binance Wallet IDO to demonstrate its own value thickness, narrative rhythm and operational skills.

It's not for everyone. But for those teams with clear narratives, restrained rhythms and long-term intentions, this is an important springboard to enter the Binance ecosystem and mainstream vision. The market after the bubble is ebbing, is returning to its value source—a positive signal for truly focused long-termists.

Just like all platform IDOs, the online carnival is fleeting - how can the feast continue? This is a proposition that Binance Wallet needs to answer. If the positioning of a high-quality asset release platform can be consolidated, its life cycle will be far beyond expectations. And what are high-quality assets? What kind of projects does the industry need? Which projects have a future? These are worth our thoughts on together.