According to @EmberCN, Binance Wallet’s new TGE model set a Binance Wallet IDO subscription record of $100M with 993x oversubscription (source: @EmberCN on X). According to @EmberCN, the BuildKey mechanism enabled pre-TGE trading for Alpha-focused users and drew heightened participation amid a rising altcoin season and better recent Alpha returns (source: @EmberCN on X). According to @EmberCN, the phase-two Key trading cap is set too low, restricting pre-listing liquidity and risking either seller reluctance or inflated prices, which could hurt price discovery at the eventual TGE listing (source: @EmberCN on X). According to @EmberCN, this tight cap has caused Key hoarding while outside demand is blocked, spilling over into other tokens, including a Solana-based fake River token that showed $7.72M in volume on Binance Wallet search (source: @EmberCN on X). According to @EmberCN, loosening phase-two thresholds (Key holdings and points) and raising the cap could release real market liquidity and improve pricing efficiency (source: @EmberCN on X).