9/30 Binance Spot New Coin Research: $Eden (OpenEden) Full Network Comparative Analysis

This project is a Binance spot project, with Binance Alpha trading time at 17:00 and Binance spot trading time at 19:00; the airdrop claiming time is at 18:30; Binance investment amount is not disclosed, similar to USUAL. The project has good popularity and belongs to the stablecoin RWA sector. Below we will conduct a detailed analysis of $Eden (OpenEden):

I. Investment Research Conclusion (Quick Summary)

Project Summary: RWA, Stablecoin Issuer, Binance Investment, Chinese Team

Simple Introduction:

OpenEden is a tokenized T-Bill vault that brings real-world assets into Web3, allowing stablecoin holders to earn returns from U.S. Treasury securities. As the first smart contract vault for U.S. Treasury Bills ("T-Bills"), OpenEden TBILL Vault provides investors with direct access to a pool of short-term T-Bills through the TBILL token, which is backed 1:1 by Treasury securities as well as USD Coin ("USDC") and USD reserves. TBILL investors will receive capital returns that reflect the returns provided by the underlying Treasury bills held in a special purpose vehicle that is far from bankruptcy.

Valuation Analysis: Total Token Supply 1 Billion, Circulating Supply 18.3%, Selling Pressure 10%+ (Binance ALPHA 1%, Binance Holder 1.5%, Airdrop 7.5% unlocked in batches, Early Supporters 6%)

1) Strategic Financing, $5 million, Binance Investment, Token Allocation 18%, Corresponding FDV $27 million, Token Price Cost $0.027

2) TVL 289M, fees 17M, 30-day fees 1.4M

3) Similar Project usual: TVL 250M, fees 20M, 30-day fees 1.66M, but FDV is 300M, Market Cap 60M

4) Pre-market Price 1.3

Comprehensive Valuation Estimate: Institutional Cost $0.027, Pre-market Price 1.3 is too high, highly similar to usual and currently TVL is about the same as usual, usual is only 300M

Comprehensive Evaluation [Bearish]: Stablecoin Staking, Airdrop Whales Unlock in Phases, Lock-up 6 Months, Model Similar to FF, USUAL, USUAL currently has FDV of only 300M, Pre-market Price Valuation of 1.3B is too high, Alpha Trend has Ended Short-term, Only Binance Investment, Airdrop Tokens are Many, The Greatest Selling Pressure Comes from VC Hedging, Shorting Profit-Loss Ratio is Higher.

II. Other KOL Opinions: 5 People Statistically Observed, 1 Person Bearish

1) Eleven [Neutral]

@EleveResearch:

Yzi Lab financing, positive news has been realized, listed on spot; many community members are against it; Korean exchange expectations, this opening is early

2) Jun Ge [Observation]

@LiFeng61532

No clear short-term news indicating going to Korean exchanges

But RWA projects align with UpBit's preferences, opening price below 1U, and if actual selling pressure is even lower than expected,

You can buy some to bet on the medium-term aiming to go up to UpBit to please Koreans

3) Tutu [Observation]

@0xtututu：

Market sentiment is a bit poor, today there may not be many brothers to take over the position, if the Alpha phase performs flatly, I may consider holding on, see if there is any premium when Upbit lists, as for getting on board, I would consider buying one if it is below the pre-market price, and if it is much higher, I won't

4) Fenglin.eth [Observation]

@Akirapunk99

Deeply integrated with Binance various activities, it is a must-capture airdrop, after the opening, you can observe the price before exiting, it is not recommended to rush out, there may be further actions later, if there is a rise within two days of the opening, it is recommended to gradually reduce positions, wait for a pullback and then add more, if it continues to decline, do not try to bottom fish

5) U.mi [Observation Bearish]

@crypto_umi888

Chinese project, recent VC coins listed on Binance have generally performed poorly

Several days ago, Hana was also led by Yzi Labs, after listing on the contract, it continued to fall

If it opens low, consider taking a position to catch the mood

Airdrop query is already out, claim at 18:30

Risk Warning: The above content is based on network material analysis and organization, for project research discussion only, not to be used as investment basis.

Author: Sakura, ChainThink

Editor: Evan, ChainThink