Original | Odaily Planet Daily (@OdailyChina)
Author | Nan Zhi (@AssassinMalvo)_
Tonight at 6 PM and 8 PM, Binance announced two phases of Binance Alpha tokens consecutively. The first phase tokens are relatively well-known and mostly meme tokens, so this article will focus on the second phase tokens, providing a quick overview of their token data and the business behind the projects.
Cakepie
Token Information
Historical peak market cap of approximately $130 million, today's peak market cap of approximately $120 million, current market cap of $96 million.
Business Introduction
Magpie has established multiple SubDAOs for various LSTs and LRTs (such as EigenLayer on Ethereum) to release token liquidity. Cakepie is its SubDAO created for PancakeSwap's veCAKE, aiming to allow users to enjoy the benefits of veCAKE without the need for long-term staking, enabling them to exit at any time.
CKP is the governance token of Cakepie, which can be locked as vlCKP to gain voting rights and earn real yield opportunities. According to official data, by early December, Cakepie had accumulated over 13 million veCAKE. After launching the voting market in early January 2024, vlCKP holders will receive over $6.5 million in voting rewards.
Gearbox Protocol
Token Information
Historical peak market cap of approximately $340 million, today's peak market cap of approximately $110 million, current market cap of $106 million.
Business Introduction
Gearbox Protocol is a lending protocol with unlimited liquidity providers (lenders), and borrowers include traders, mining users, and even other protocols.
Its core components are credit accounts and credit managers. Credit accounts are similar to isolated smart contracts that hold user and borrowed funds, with liquidation thresholds and a list of allowed tokens and protocols to prevent malicious attacks.
Additionally, it features a modular architecture, the core layer supports operations for both parties in the protocol, connecting customized liquidity pools and credit account managers, serving different user groups, including mining, trading, NFT protocols, and RWA leveraged operations.
Stader
Token Information
Historical peak market cap of approximately $77 million, today's peak market cap of approximately $67 million, current market cap of $66.8 million.
Business Introduction
Stader is an LSD protocol similar to Cakepie, aimed at solving the liquidity issues of native ETH staking.
Syrup
Token Information
Historical peak market cap of approximately $132 million, today's peak market cap of approximately $117 million, current market cap of $114 million.
Business Introduction
SYRUP originated from Maple's MPL token. Maple Finance is a comprehensive lending platform established in 2019, which faced funding difficulties due to partner issues and gradually shifted to a collateralized lending model based on real-world assets (RWA). The platform launched a new cash management pool, allowing non-U.S. accredited investors and entities to invest in U.S. Treasury bonds through USDC. According to RWA.xyz data, Maple Finance ranks second in the RWA private credit sector. The private credit segment accounts for over 50% of the total market cap of RWA.
MPL underwent a 1:100 split in August 2024 to become SYRUP, used for the lending protocol Syrup.fi launched by Maple. Some of the protocol revenues from Maple and Syrup.fi will be used to repurchase SYRUP.
In terms of lending protocols, Syrup.fi is unique in that its borrowing users include institutions and other special OTC borrowers, who must undergo specialized KYC and asset reviews, providing lenders with yields above the market while ensuring safety.
(Note: For more information, see “Institutions Predict RWA Will Continue to Explode in 2025, Reviewing Four Projects Suitable for Ambush”)
Fartcoin
Token Information
Historical peak market cap of approximately $920 million, current market cap of $870 million.
Business Introduction
A meme coin on the Solana chain.
(Note: Fartcoin is actually a token mentioned in the Truth Terminal document, which has no business or project team and is purely a meme. For reference, see “Spelling Errors Raise Questions, What Kind of Game is AI Meme?”, “The Hottest Meme Concepts: AI, Artists, Zoos, and My World” and others.)
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