Written by: Bright, Foresight News
On March 25, 2025, Particle Network launched the fourth Binance Wallet initial offering, once again sparking market enthusiasm. Even though Binance shortened the offering window to one hour, PARTI was oversubscribed by 16,389.22%, raising 326,963 BNB, equivalent to a market value of approximately $208 million, setting a new record for the highest oversubscription in Binance Wallet's history. Some community users even "rationally analyzed": "With small retail investor tokens, starting at a $500M market cap is not surprising, and $1 billion is possible."
"Your pig's feet rice is the unresolved grievance of the track"
As the Binance offering concludes, the dilemma of "Sell or Hold" follows. Friends who enjoy luxurious pig's feet rice happily sold their PARTI worth $184, yet others sighed, wondering where the promised $1 billion market cap went.
Particle Network, a heavyweight project in chain abstraction, was established in 2022, initially focusing on B-end chain abstraction products aimed at achieving "one account, thousand chains" to solve Web3's multi-chain fragmentation pain point. Its core product provides cross-chain collaboration technology for over 70 public chains including BNB Chain, Avalanche, and Sei, covering EVM and non-EVM ecosystems. In 2024, Particle Network launched UniversalX for C-end users, a non-custodial trading platform for chain abstraction built on its self-developed Particle L1 settlement layer. Users can trade assets on any chain through UniversalX without manual cross-chain bridging.
Particle Network's financing background is equally impressive, with cumulative funding exceeding $30 million. Investors include not only crypto capitals like former Binance Labs, GSR, YZI Labs, Spartan Group, and Animoca Brands, but also Web2 giant Alibaba. In May 2022, they raised $1.5 million in Pre-Seed round, $7 million in Seed round in March 2023, and $15 million in Series A in June 2024, with a valuation reaching $200 million, demonstrating the potential of the chain abstraction track as industry infrastructure.
However, despite early traffic entry from exchanges like Binance and OKX, Particle Network's market price performance after launch was "below expectations". Its token PARTI briefly peaked at $0.4949 after listing, touching a total FDV of $500 million before continuously pulling back. As of press time, it stabilized around $0.35, with a total FDV of about $350 million, far from the community's previous prediction of $1 billion. As a pioneer in the chain abstraction track, Particle Network seems yet to ignite track enthusiasm.
"The transformation of on-chain trading paradigm will inevitably be a prolonged battle"
Previously, a Messari report pointed out that chain abstraction has fallen into an "end-game" narrative - currently, users seeking better cross-chain experiences need to aggregate liquidity. In the future, users hope protocols can directly decide which chain and application to use.
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