Original | Odaily Planet Daily (@OdailyChina)

Author | Nan Zhi (@Assassin_Malvo)

Tonight at 6 PM and 8 PM, Binance announced two phases of Binance Alpha tokens. The first phase tokens are well-known and mostly Meme tokens, so this article will focus on the second phase tokens, giving a brief overview of their token data and the business behind the project.

Cakepie

Token Status

The historical highest market capitalization was approximately $130 million, today's highest market capitalization is approximately $120 million, and the current market capitalization is $96 million.

Business Introduction

Magpie has established multiple SubDAOs for various LSTs and LRTs (such as EigenLayer on Ethereum) aimed at releasing token liquidity. Cakepie is a SubDAO created for PancakeSwap's veCAKE, with the same goal of allowing users to enjoy veCAKE rewards without 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 gain voting rights and earn real profit opportunities. According to official data, by early December, Cakepie had accumulated over 13 million veCAKE. After the voting market launches in early January 2024, vlCKP holders will receive over $6.5 million in voting rewards.

Gearbox Protocol

Token Status

The historical highest market capitalization was approximately $340 million, today's highest market capitalization is approximately $110 million, and the current market capitalization is $106 million.

Business Introduction

Gearbox Protocol is a lending protocol with unlimited liquidity providers (lenders), while borrowers include traders, mining users, and even other protocols.

Its core components are credit accounts and credit managers, where credit accounts are similar to isolated smart contracts that hold user and borrowed funds, with liquidation thresholds and lists of allowed tokens and protocols to prevent malicious attacks.

Additionally, it features a modular architecture, with a core layer supporting protocol operations on both sides, connecting customized liquidity pools and credit account managers, catering to different user groups, including mining, trading, NFT protocols, and RWA leveraged operations.

Stader

Token Status

The historical highest market capitalization was approximately $77 million, today's highest market capitalization is approximately $67 million, and the current market capitalization is $66.8 million.

Business Introduction

Stader is an LSD protocol similar to Cakepie, aimed at solving the liquidity problem of native ETH staking.

Syrup

Token Status

The historical highest market capitalization was approximately $132 million, today's highest market capitalization is approximately $117 million, and the current market capitalization is $114 million.

Business Introduction

SYRUP originated from Maple's MPL token. Maple Finance is a comprehensive lending platform established in 2019 that 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-US qualified investors and entities to invest in US Treasury bonds through USDC. According to RWA.xyz data, Maple Finance ranks second in the RWA private credit sector. The private credit sector accounts for over 50% of the total market capitalization of RWA.

MPL underwent a 1:100 split in August 2024 to generate SYRUP, which is used for the lending protocol Syrup.fi launched by Maple. Some of the protocol revenue from Maple and Syrup.fi will be used to buy back SYRUP.

In terms of lending protocols, Syrup.fi's uniqueness lies in its borrowers, which include institutions and other special OTC borrowers. Such borrowers must undergo specialized KYC and asset reviews, providing lenders with yields above the market while ensuring safety.

(Note: For more information, see (Institutions predict that RWA will continue to explode in 2025, reviewing four projects suitable for ambushing)

Fartcoin

Token Status

The historical highest market capitalization was approximately $920 million, with the current market capitalization at $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 party and is a purely Meme token. See (Spelling errors raise doubts, what kind of situation is AI Meme?) and (Top Meme concept overview: AI, artists, zoos, and my world) for more details.)