(MENAFN- eTrendy Stock) In 2024, gaming has surpassed categories like infrastructure and restaking on Binance Launchpool.
According to Coin98 Analytics, Binance Launchpool has introduced four projects from the gaming category in both 2023 and 2024. Infrastructure and Layer 1 followed closely behind, each with a score of three.
Tokens by category released on the Binance Launchpool for 2023-2024. Source: Coin98 Analytics It's worth noting that the restaking sector holds second place with a score of 2. Following closely behind is Artificial Intelligence (AI), also with a score of 2.
Binance Launchpool In Numbers
Binance Launchpool has been active since 2020, serving as a platform for crypto projects to engage in Initial Exchange Offerings (IEOs), akin to Initial Coin Offerings (ICOs).
The platform initiates campaigns inviting customers to participate in the initial token distribution, with the final stage culminating in the opening of trading on the exchange.
For all time, Binance Launchpool has launched 51 projects which got listed on the exchange. The year 2021 recorded the highest number of launches, with 18 tokens, whereas in 2022, this number dropped to 5.
This decline could be attributed to the overall downturn in the crypto market and the subsequent accumulation period before the crypto bull ran.
Projects released on the Binance Launchpool since 2020. Source: Coin98 Analytics What Are The Prospects For These Projects?
If we examine the projects released in 2021, many may remain relatively unknown to most users, which could be attributed to the platform's inaugural year.
In 2023, Binance launched IEO projects like Sui, Sei, and Pendle, which continue to be noteworthy. Additionally, one of the meme coins, MEME, was also introduced.
Further in 2023, projects like Manta and AltLayer stood out. Following its launch, Manta quickly rose to prominence, securing a position among the top 10 for Total Value Locked (TVL) in decentralized projects. By Feb. 1, Manta had achieved the 9th place ranking.
However, according to data from DeFiLlama, the project has dropped to 29th place, with a TVL of $181.17 million, and is experiencing a 43.33% monthly decline.
Manta's drop from 9th to 29th place in TVL at DeFi. Source: DeFiLlama Scenarios like this are common, as exemplified by one of Xai's gaming tokens. Following the platform's mainnet launch, the coin's exchange rate initially plummeted by 40%, only to subsequently surge by almost 30%.
Xai's fluctuation after the completion of the IEO on the Binance Launchpool. Source: CoinMarketCap While projects passing through this platform undergo additional scrutiny, traders must conduct their thorough investigations.
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