Binance Wallet will add a new service to put a spotlight on promising assets. Binance Alpha is launching for some regional users, aiming to point out assets that may thrive in the Binance ecosystem.
Binance Alpha is preparing to launch its first batch of coins and tokens. The market anticipated the event eagerly, and a fake list of tokens was distributed through Telegram. The real list will be posted later today. The spoofed tokens included Wise Monkey (MONKY), Happy Cat (HAPPY), Rifampicin (RIF), Zircuit (ZRC), and ELIZA (ai16zeliza). The effect on the tokens was immediate, suggesting the real list may have a positive influence on the price action. After the spoof list was recovered, all tokens wiped out their gains.
The fake list raised some red flags, as some of the tokens have faced controversy. RIF was recently compromised through its GitHub repository. ELIZA is facing problems with a double version of the token. MONKY already has significant social media presence already.
The proposed list of five tokens will be immediately available to trade based on their DEX pairs. Tokens on Binance Alpha will come with a Quick Buy button and automated MEV protection to minimize attacks and slippage. Some of the tokens may only have DEX trading and will still require personal research before buying.
The wallet will be able to swap those early-stage tokens when available on DEX. However, not all of the assets will be guaranteed a listing. Binance Alpha will be available from December 18, though some regions may be excluded.
Binance will offer multiple batches of five tokens, with the first selections expected to appear daily. The posting schedule of new token batches is also to be determined as the service expands its availability.
The tokens on Binance Alpha will appear with 24-hour windows to explore or buy. Binance advises users to back up their wallets before using the Quick Buy option. Binance will also provide pre-announcements for users to prepare for the next Alpha session. The best approach is to follow the official links, and avoid over-investing in potentially risky tokens distributed through other channels.
Binance makes its token selection process more transparent
Binance Alpha may serve as a pre-listing token screening pool, even though it maintains there’s no listing guarantee on the spot or futures market. The service could increase the transparency of Binance’s consideration process ahead of new token listings.
Until recently, Binance’s wallets were watched for the addition of new tokens, which usually signal the creation of a spot market.
The new selection may include meme tokens, but will also explore Web3 projects with more meaningful utility. Binance’s wallet still offers an exclusive tab for the most active meme tokens as a separate category.
The launch of Binance Alpha follows a recent social media trend, where influencers claim foreknowledge of Binance’s selection of tokens. The new wallet feature front-runs those influencers, removing some of the guesswork. Previously, any connection to Binance-related wallets was presented as a sign for a potential listing. However, any token could be sent to a public wallet, and Binance has been relatively conservative with new spot markets.
With the new Binance Alpha addition, Binance pre-empted the guesswork about its interest in new tokens. In the end, it is up to Binance to launch spot markets and give new tokens additional prominence. The service may point out potential new listings, but does not guarantee the addition to the official market.
All the tokens on Binance Alpha would have gone through additional vetting based on a set of criteria such as community interest, a strong trend, and value alignment. The token selection will serve as an educational tool and not endorse specific tokens.
Binance ecosystem lags in decentralized activity
While the past year was highly successful for Binance’s centralized activity, its DEX and DeFi arms lag behind. Binance Smart Chain carries $5.85B in value locked, still not recovering its 2021 levels.
Still, PancakeSwap expanded its activity in the past month, growing by 13.35%. The exchange is the busiest app on BSC, producing $3.74M in daily fees. For the completed month of November, PancakeSwap also achieved $5.06M in earnings, its best month in the second half of the year.
PancakeSwap also launched SpringBoard, its native meme token launchpad. The DEX is one of the key sources of up and coming tokens in the Binance ecosystem.
During the 2024 bull market, the native token BNB also moved up to a higher range. BNB traded at $723.59, potentially boosting the decentralized ecosystem of Binance.
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