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. This project has good popularity and belongs to the stablecoin RWA sector. Below we will analyze $Eden (OpenEden) in detail:

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 short-term T-Bills pool 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 reflecting 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 to FDV of $27 million, token price cost of $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 current TVL is about the same as usual, usual is only 300M

Comprehensive Evaluation [Bearish]: Stablecoin Staking, Airdrop Whales Unlock in Phases, Lock-up for 6 Months, Model Similar to FF, USUAL, USUAL's FDV is only 300M, pre-market valuation is 1.3B, which is too high. Alpha rally has ended short-term, only Binance investment, airdrop tokens are numerous, the biggest selling pressure comes from VC hedging, shorting has higher profit-risk ratio.

II. Other KOL Opinions: Collected 5 people, Observing mainly, 1 person is bearish

1) ElevenEleve [Neutral]

@EleveResearch:

Yzi Lab financing, positive news has been realized, listed on spot; many community members are going against the trend; expectation of Korean exchanges, this listing starts early

2) Jun Ge [Observing]

@LiFeng61532

Short-term news is not clear whether it will go to Korean exchanges

But RWA projects fit UpBit's preference, opening price below 1U, and if actual selling pressure is lower than expected,

you can buy some and bet on the medium-term aiming to go up to UpBit to attract Koreans

3) Tutu [Observing]

@0xtututu：

Market sentiment is a bit poor, today there may not be many brothers coming to take over. If the Alpha phase performs flatly, I might consider holding on and waiting, see if there is any premium on Upbit listing. For boarding, I would consider buying one if it's below the pre-market price, otherwise not if it's too high.

4) Fenglin.eth [Observing]

@Akirapunk99

Deeply integrated with Binance's various activities, it is a must-claim airdrop. After the opening, you can observe the price before exiting. It is not recommended to rush out. There may be subsequent actions. If there is a surge within two days of the opening, it is recommended to gradually reduce positions, wait for a pullback, and then add positions. If there is a continuous decline, it is not recommended to catch the bottom.

5) U.mi [Observing 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, and after the contract was listed, it fell continuously

If it opens low, consider taking one wave of sentiment

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 and discussion only, do not use it as investment basis.

Author: Sakura, ChainThink

Editor: Evan, ChainThink