As the largest crypto exchange, Binance Exchange listings have always captured the attention of the crypto community. Over the years, Binance has established a variety of token listing methods, such as Launchpool, Binance HODLer Airdrops, Megadrop, etc.

In Dec 2024, Binance launched Binance Alpha, an innovative way of showcasing early-stage crypto projects that demonstrate growth potential within the broader Web3 ecosystem.

In this article, DWF Ventures examines Binance Alpha six months after its launch, analysing key trends and highlighting the projects that successfully converted to Binance Spot listings.

Introduction

Binance Alpha, a new initiative within the Binance Wallet, functions as a pre-listing token selection pool, enhancing transparency in the consideration process for potential Binance Exchange listings. 

Although not guaranteed, some tokens featured on Binance Alpha could potentially be listed on the Binance Exchange eventually.

Binance Alpha spotlights innovation by highlighting tokens gaining traction in the Web3 space, offering advanced insight to the community. Besides, it enables users to seamlessly acquire featured tokens using the ‘Quick Buy’ from Binance Wallet, leading to a higher successful transaction rate and better prices. 

More importantly, it increases transparency and allows users to have more engagement opportunities. For example, after a thorough analysis, Bob might purchase ‘token A’ via Binance Alpha, speculating on its eventual listing on Binance Spot.

Binance Alpha Analysis

Majority of Mid-to-Small Market Cap Tokens

As of Jun 5, over 190 projects have been selected on Binance Alpha, averaging ~30 projects per month. Projects across different verticals and ecosystems have been covered. 

Over ~70% of Alpha tokens are trading at market caps below $50mm, while only 5% exceed $1bn (e.g., Ondo and Virtuals Protocol) – creating more high-risk, high-reward opportunities for users to explore. 

Memecoins and AI Agents Dominated 

In our analysis, the selection of Binance Alpha has aligned with the market trends from Dec 2024 to mid-2025, with Memecoins and AI Agents dominating the market sentiments for consecutive months. 

Memecoin took the lead by accounting for 39% of all Binance Alpha projects, with popular memecoins including Fartcoin, Moodeng, and Broccoli. This reflected the hype-driven and high-liquidity environment for speculators over those months.

AI Agents also emerged as a top narrative with a 16% share, with notable projects like Virtuals Protocol and ai16z. Other sectors include DeFi (15%), General AI (9%), and liquid staking & restaking (5%).

Predominantly Solana, BNB Chain, and Ethereum Projects

In terms of ecosystem, over 32% of Binance Alpha projects are built on Solana, making it the leading blockchain among all chains. BNB Chain and Ethereum are at similar levels, each representing approximately a quarter of all projects. These three ecosystems significantly contributed to the trading volume of Alpha projects.

The dominant position of Solana was largely attributable to the massive hype surrounding Solana Memecoins and AI Agent tokens during Q1 2025.

BNB Chain also enjoyed their ‘Memecoin Summer’, with the promotional efforts by CZ and the launches of popular tokens like BUILDon and Test.

Out of all Binance Alpha memecoins, over 50% are based on Solana, while over 37% are built on the BNB Chain.

Binance Alpha Listed on Spot

‘Alpha to Spot’ Conversion Rate = ~9.5%

Next, you might be questioning — how many Binance Alpha projects were actually listed on Binance Spot? The answer is 18, resulting in an ‘Alpha to Spot’ conversion rate of ~9.5%.

The above table demonstrates the list of Alpha projects that get listed on Spot. The top performers include Huma Finance, Maple Finance, and Virtuals, which have brought in the highest trading volume on Binance after their listing.

Observed Trends

While not the largest category within Binance Alpha, Decentralised Finance (DeFi) projects show the highest conversion rate to Spot listings. Over a quarter of all ‘Alpha to Spot’ projects are DeFi-related. Notably, Huma Finance, Kamino, and Maple Finance, all active in the Solana ecosystem, indicate significant trading interest in Solana DeFi.

Meanwhile, memecoins continue to be a leading category for Spot listings from Alpha. Projects like Banana For Scale, CZ's Dog, and Test, all on the BNB Chain, highlight strong community interest in BNB Chain memecoins.

‘Alpha to Spot’ – How?

While there is no clear playbook on ‘Alpha to Spot,’ DWF Ventures has summarised the below factors that might increase the possibility of Spot listing:

1. Active community engagement, both social media and on-chain
2. High trading volume, demonstrating demand that drives trading fees for the exchange
3. Leaders in hot verticals (e.g., Virtuals from AI Agents and Ondo from RWA)
4. Real products that demonstrate considerable demand, built on Solana, BNB Chain, and Ethereum (e.g., Maple Finance, Kamino)
5. Signature projects on major L1s such as Sui (e.g., Haedal Protocol)
6. Community-driven or degenerate tokens launched at a good timing, built on Solana and BNB Chain (e.g., aixbt by Virtuals, Test, CZ’s dog)

These approaches apply not only to Binance Alpha projects but also to all projects that want to be listed on Binance spot. 

Closing

Ultimately, Binance Alpha serves as a dynamic testbed for Web3 projects, providing a crucial stage for market validation before a potential full Binance Spot listing.

The observed Binance Alpha trends, from dominant narratives like Memecoins and AI Agents to preferred ecosystems like Solana and BNB Chain, have aligned with the market sentiments and trading demand at that point of selection.

While Binance Alpha has provided the community with a list of pre-screened tokens, the conversion rate to Spot is still less than 10%. Therefore, it is crucial for users to do their own research and due diligence before making any trading decisions.

DWF Ventures has expressed interest in supporting projects built on BNB Chain, Solana, or Ethereum. Founders looking to build on these chains are encouraged to reach out for potential crypto venture funding opportunities.