Original | Odaily (@OdailyChina)
Author | Nanzi (@Assassin_Malvo)
Tonight at 18:00 and 20:00, Binance announced two batches of Binance Alpha tokens, of which the first batch is relatively well-known and mostly Meme, so this article will focus on the second batch, giving a quick overview of their token data and the business behind them.
Cakepie
Token Situation
The historical peak market cap was about $130 million, the highest market cap today was about $120 million, and the current market cap is $96 million.
Business Introduction
Magpie has established multiple SubDAOs for various LST and LRT (such as EigenLayer on Ethereum) to unlock token liquidity. Cakepie is its SubDAO created for PancakeSwap's veCAKE, with the same goal of allowing users to enjoy the benefits of veCAKE without the need for long-term staking, and the ability to exit at any time.
CKP is the governance token of Cakepie, which can be locked as vlCKP to obtain voting rights and opportunities to earn real yield. According to official data, as of early December, Cakepie has accumulated over 13 million veCAKE. After the launch of the voting market in early January 2024, vlCKP holders will receive over $6.5 million in voting rewards.
Gearbox Protocol
Token Situation
The historical peak market cap was about $340 million, the highest market cap today was about $110 million, and the current market cap is $106 million.
Business Introduction
Gearbox Protocol is a lending protocol, with unlimited liquidity providers (lenders), and borrowers including traders, miners, and even other protocols.
Its core components are credit accounts and credit managers. Credit accounts are like isolated smart contracts that hold user assets and borrowed funds, with liquidation thresholds and allowed token and protocol lists to prevent malicious attacks.
It also has a modular architecture, with the core layer supporting operations by both parties, able to connect customized liquidity pools and credit account managers to serve different user groups, including mining, trading, NFT protocols, and RWA leverage operations.
Stader
Token Situation
The historical peak market cap was about $77 million, the highest market cap today was about $67 million, and the current market cap is $66.8 million.
Business Introduction
Stader is an LSD protocol similar to Cakepie, aiming to solve the liquidity problem of native ETH staking.
Syrup
Token Situation
The historical peak market cap was about $132 million, the highest market cap today was about $117 million, and the current market cap is $114 million.
Business Introduction
SYRUP is the successor to Maple's MPL token. Maple Finance is a comprehensive lending platform established in 2019, which once encountered funding difficulties due to partner issues, and later gradually shifted to a collateralized lending model based on real assets (RWA). The platform has launched a new cash management pool, allowing non-US qualified investors and entities to invest in US Treasuries through USDC. According to RWA.xyz data, Maple Finance ranks second in the RWA private credit sector. The private credit sector accounts for more than 50% of the total RWA market value.
MPL was split 1:100 to become SYRUP in August 2024, used for Maple's new lending protocol Syrup.fi, and a portion of the protocol revenue from Maple and Syrup.fi will be used to buy back SYRUP.
In terms of lending, the unique aspect of Syrup.fi is that its borrowers include institutions and other specialized OTC borrowers, who undergo specialized KYC and asset review, ensuring safety while providing lenders with higher-than-market returns.
(Note: For more information, see《Industry Forecast: RWA to Continue Exploding in 2025, Spotlighting Four Suitable Projects》)
Fartcoin
Token Situation
The historical peak market cap was about $920 million, and the current market cap is $870 million.
Business Introduction
A Meme coin on the Solana chain.
(Note: Fartcoin is actually a token mentioned in the Truth Terminal document, without any real business or project team, and is a pure Meme. See《Spelling Error Raises Questions, How is the AI Meme Bubble?》and《Hottest Meme Concepts: AI, Artists, Zoos, and Minecraft》for more.)
