Author: Klein Labs; Translation: Jinse Finance xiaozou
As Web3 enters a new adjustment cycle, Token Generation Events (TGE) are no longer just financing tools but have become a battlefield for project and market dynamics. Under the current conditions of liquidity contraction and investor confidence fatigue, how and in what form to launch a TGE has become a core proposition that project teams must carefully consider.
IDO, as one of the mainstream TGE mechanisms, once wrote a glorious history. Platforms like CoinList have nurtured numerous star projects. However, with the surge in project numbers, the wealth effect of IDO has gradually diminished. Meanwhile, every move of Binance continues to stir market nerves. Since 2025, Binance Wallet IDO has become the preferred launch platform for many projects - with low entry barriers, high exposure, and strong traffic effects, quickly becoming the market focus and attracting the attention of numerous early-stage projects and communities. But under the spotlight, market structure, valuation systems, and new asset narrative logic are undergoing dramatic changes.
Is this model universally applicable? Which projects can amplify their narrative and achieve a cold start, and which will fall into the "high open, low walk" dilemma as the heat fades? The Klein Labs research team conducted a systematic data analysis and structural breakdown of 10 Binance Wallet IDO projects launched, aiming to provide strategic reference for project parties and help make wiser decisions.
1. What market cycle are we in?
In the past few months, market investment preferences have shown a clear evolutionary trajectory:
Early preference: High valuation + low circulation mode (VC-driven, short-term speculation)
Mid-term frenzy: Fully circulating MEME coin mode (zero-threshold hype)
Current phase shift: Return to projects with solid fundamentals and strong sustainability
Simultaneously, the TGE mode structure has gone through three distinct stages:
Early mode: Low valuation issuance + market cap discovery mechanism (narrative-driven)
Mid-term mode: High valuation issuance + insider arbitrage (through OTC or immediate selling)
Current state: Return to low valuation issuance (scarce buying, unwilling to "catch falling knives")
This market state is most directly reflected in the continuous decline of Binance Wallet IDO project issuance valuations. Project parties have to exchange market attention with extremely low valuations and release ratios. The core insight behind this is:
TGE valuation reflects not the project's "future value", but a real-time synthetic indicator of market liquidity, listing expectations, narrative intensity, and market-making system.
(The translation continues in the same manner for the rest of the text, maintaining the specified translation rules for specific terms.)Its data reflects the deep evolution of market valuation logic and issuance paradigms. It is neither an endpoint nor a pass, but a low-cost window for verifying product vision and testing market mechanisms.
At the tail end of the current "low confidence + low liquidity + high vigilance" cycle, projects that persist in long-term construction should take the initiative and leverage Binance Wallet's IDO to showcase their value depth, narrative rhythm, and operational foundation.
It is not suitable for everyone. But for teams with clear narratives, restrained rhythm, and long-term intentions, this is an important springboard to enter the Binance ecosystem and mainstream vision. The market after the bubble's retreat is returning to the source of value - which is undoubtedly a positive signal for those truly focused on long-termism.
Like all platform IDOs, the launch euphoria is fleeting - how can the feast be sustained? This is the proposition Binance Wallet needs to answer. If it can solidify its positioning as a quality asset release platform, its lifecycle will far exceed expectations. What constitutes a quality asset? What kind of projects does the industry truly need? Which projects have a future? These are worth our collective deep reflection.
