@ Anoma (XAN) Latest Developments&In Depth Interpretation | Alpha and Contract Timeline, Airdrop and Narrative, Product and Risk Overview 1) Timeline Binance Initial Announcement: Alpha trading was originally scheduled for 9/23 10:00 (UTC); Futures' XANUSDT perpetual was originally scheduled for 9/23 10:30 UTC. Binance's second announcement: Due to unforeseen circumstances, Alpha will be adjusted to 9/29 10:00 (UTC) and Futures will be adjusted to 9/29 10:30 (UTC). Note: The two are different products, but this extension covers both. KuCoin: After announcing its "world debut", it also notified the postponement of its opening; The latest opening date is 9/29 10:00 (UTC), XAN/USDT。 2) Project positioning Anoma is not just another contract chain, but an intent centric distributed OS: users provide goals, and the system completes discovery matching atomic settlement between multiple chains, sinking the complexity of cross chain routing, fees, and privacy to the infrastructure. If this route runs smoothly, it will change the interaction paradigm and application form of Web3. 3) The toughest recent development: AnomalPay AnomalPay: Positioned as a "global stablecoin routing+payment network", it focuses on enterprise level data protection and multi chain compatibility, abstracting "who pays, who receives, which chain settles, and privacy disclosure granularity" to the routing layer. The corresponding real-life scenarios are cross-border settlement, B2B payment, merchant clearing settlement, etc. Anoma My point of view: If we focus on "intention expression+private matching+cross chain atomic settlement" in stablecoin payments, verifiable commercial GMV will emerge faster than pure DeFi, which plays a decisive role in valuation anchoring. 4) Key information on airdrops and tokenomics Airdrop: The foundation reserves 10% of the total amount for multi season airdrops; S1 registration has closed on 9/22 23:59 (UTC), and TGE application is now open; There will still be new seasons in the future. Total supply: XAN fixed at 10000000000. Purpose: Network coordination functions such as payment, handling fees, and governance. Initial allocation: Community/Marketing/Liquidity 25%; R&D/Ecology 19%; Foundation 10%; Supporters 31%; Core contributors account for 15%. Unlock: Foundation/R&D&Ecology/Supporters/Core Contributors Lock for 12 months+36 months linearly. From the perspective of transaction impact: the resonance of the three factors of "unlocking curve, fund acceptance, and narrative intensity", in the early stage, it was more seen as market depth and fund rate rather than "whether to pull and smash on the same day". 5) Why does' intention driven 'have a paradigm dividend? More closely aligned with business expression: from "writing a string of call paths" to "describing the desired results", providing developers and institutions with a low cognitive burden building approach. Cross chain atomic settlement arranges multiple chain states under the same execution logic through protocol adapters, first covering Ethereum and mainstream L2, and then expanding horizontally. Privacy first: Selective disclosure and encryption during the discovery/matching phase to find a balance between enterprise level compliance and commercial privacy. 6) Observation indicators for Alpha&Futures (starting from September 29th) Alpha (early stage spot market): spread/depth/matching efficiency, as well as price structure differences caused by non withdrawal restrictions; See if 'price discovery' can be smoothly transmitted to other platforms. Futures (contracts): funding rates, basis, liquidation bandwidth; If the fundamental consensus is unclear and there is a lot of news noise, the distortion of funding rates will be very obvious. KuCoin spot: The proportion of active buying orders after opening, the strategy of robot pending orders, and the cross exchange price difference (especially the deviation from Alpha price) are the points that quantitative funds will focus on. 7) My assessment of mid-term catalysts AnomaPay commercial pilot: whether there are real merchants/cross-border counterparties and verifiable GMV; This is a crucial step in the transition from 'technology narrative to revenue and valuation anchor'. Main network stage execution: The deployment/security audit/performance testing progress of the adapter in the Ethereum ecosystem, and whether it can support the real load of "complex intent+multi chain concurrency". User retention after airdrop: How to improve retention curve through use cases/incentives after S1, instead of just "firing a shot" near TGE. 8) Risk and Doubt Engineering complexity: intent matching+cross chain atomic settlement+privacy calculation overlay, high difficulty in performance and boundary condition verification. Liquidity structure: The transmission efficiency and liquidity fragmentation risk between Alpha and other off/on exchange prices. Binance Unlocking and Supply Pressure: Does the rhythm of 12+36 match the demand for ecological incentives, and how to hedge and diversify during the secondary pressure period. 9) Summary of Siege Lion In the short term, the simultaneous launch of Alpha+Futures+KuCoin on September 29th will bring concentrated volume to the narrative; In the medium term, the real transaction scale and mainnet availability of AnomalPay are the pricing core; In the long run, if the three difficulties of "intention privacy cross chain atomic settlement" are made into an OS that can be used by developers and enterprises, its upper limit is not limited to the competition of "another chain".