Binance Wallet TGE Model Success: Sets $100M Subscription Record, Oversubscribed by 993x

Binance Wallet's attempt at a new TGE model was a huge success, setting a subscription record for Binance Wallet IDO ($100M) and being oversubscribed by 993x. With such a massive amount of funds involved and an exaggerated oversubscription ratio, I personally feel this might be due to multiple factors: the recent altcoin season driving up trading/launchpad hype; Alpha's recent returns have also been significantly better than before. BuildKey introduced a brand-new pre-TGE trading model, giving Alpha hunters another way to earn from new launches—super appealing. But I feel like the second phase of Key trading might be capping BuildKey's potential. This model is essentially designed to release pre-TGE/locked token liquidity, right? There should probably be a higher cap to allow for better price discovery. If the ratio is too low, the result is either hoarding or artificially high prices, which isn't great for the subsequent TGE launch and formal trading. Right now, it's all about hoarding Key subscriptions, and those outside wanting in can't get in. The hype and liquidity generated by Key subscriptions are completely blocked at the trading stage. So, the market's enthusiasm is spilling over elsewhere: I just searched for River on Binance Wallet, and a fake token on Solana is ranked right behind the yet-to-be-traded River, with a trading volume of $7.72M—can you believe that? Personally, I think there's room for optimization here. For example, in the second phase, they could lower the entry barriers (like Key holding requirements and point thresholds) and increase the cap to release real market liquidity.