Original Title: "Real Data from 10 Projects: Binance Wallet IDO Project Survival Report"

Original Source: Klein Labs

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

IDO is a common method of TGE. Many top-tier projects have emerged through IDOs on early platforms like Coinlist. However, as the number of projects has increased, 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 startup projects and community attention, but it has also exposed a series of fundamental changes in the new coin market structure, valuation system, and project logic.

However, is this model truly suitable for every project? Which projects can quickly amplify their narrative and achieve a cold start 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.

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

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

• Early Preference: High Valuation + Low Circulation Model (VC-led, short-term speculation)
• Mid-term Frenzy: Fully Circulating Meme Coin Model (Zero-threshold speculation)
• Current Turning Point: The market is returning to a focus on strong fundamentals and sustainability.

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

• Early Model: Low Valuation Issuance + Market Value Discovery Mechanism (Narrative-driven)
• Mid-term Model: High Valuation Issuance + Insider Arbitrage (Selling immediately after OTC or release)
• Current State: Returning to Low Valuation Openings (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.

II. 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 – 443,000 BNB;
• The oversubscription rate ranges from 6,900% – 36,500%.

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

Binance Wallet IDO can easily leverage user attention at the hundred-thousand level, attracting tens of millions of dollars worth of assets even in a generally cold market. Although the mechanism has been optimized and the participation threshold for users has increased, it effectively filters out higher-quality users with long-term value and stickiness, bringing a healthier user structure and community foundation to 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.

III. The TGE Model is De-leveraging, and 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 is already formed, 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, creating a liquidity starting point;
• Adhering to a long-termism philosophy, accepting low valuations, low releases, and slow-paced growth.

At this stage, Binance Wallet IDO projects must accept the low valuation pressure brought about by declining market confidence. However, it also allows excellent project teams to reserve more room for market capitalization growth.

IV. Trading Platform Performance: Binance Wallet IDO is a Ticket to Enter Binance, Not a 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 trading platforms is not high and is relatively non-standard.

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

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

From the current data, most Binance Wallet IDO projects performed 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 was also remarkable.
• Although there was significant price volatility on the first day, the medium to long-term performance of the projects relies more on continuous operational capabilities, 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 medium to long-term fundamental support, as well as the premature exhaustion of narrative value. Against this backdrop, the market performance of different projects has gradually shown significant differentiation.

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

VI. 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:

PARTI, BMT, and BR are three standout projects, each exceeding 20 million dollars in trading volume on the first day.

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.

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

Binance Wallet IDO is a structured, high-leverage cold start method for launching narratives, building consensus, and amplifying attention for current Web3 projects. It provides project teams with a "starting 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 skills.

The data performance of Binance Wallet IDO reflects a profound evolution in the entire market's valuation logic and issuance model. It is neither an endpoint nor a pass; rather, it is a window that allows for low-cost validation of product vision and trial-and-error market mechanisms.

It is precisely because the market is currently in a phase of low confidence + low liquidity + high vigilance that it is 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 capabilities.

It is not suitable for everyone, but for teams with clear stories, defined rhythms, and a willingness to build long-term, it serves as an important springboard into the Binance ecosystem and mainstream market visibility. In the window period following the bubble burst, the market returns to the essence of value. This is, in fact, a positive signal for teams that genuinely want to accomplish things and have long-term visions.

Like all platform-based IDOs, how will the feast continue after a brief period of joy? 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 lies an 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 engage in deep reflection.

This article is from a submission and does not represent the views of BlockBeats.

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