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Binance Alpha, the early-stage crypto launchpad by Binance, just announced two new token listings: XTER and SOON. However, while this news usually drives prices up, XTER fell sharply after its listing—despite an accompanying airdrop.

XTER Price Falls After Listing Despite Airdrop

XTER, the native token of the Web3 gaming platform Xterio, was listed on Binance Alpha. The platform empowers developers to build on-chain games, and in July 2023, Binance Labs invested $15 million into its ecosystem.

https://twitter.com/binance/status/1924374642170417472

Part of the strategy included launching XTER tokens and integrating AI tools to enhance gaming experiences.

To boost engagement, Binance Alpha announced a token airdrop. Starting May 19 at 8:00 UTC, eligible users could claim 294 XTER tokens on the Alpha Events page. However, users needed at least 194 Alpha points and had to spend 15 points to complete the claim.

The airdrop claim window only lasted 24 hours, expiring on May 20 at 8:00 UTC.

Despite these efforts, XTER’s price plunged. The token dropped 15.8% in 24 hours, trading at $0.28 at the time of writing.

Binance Alpha Prepares to List SOON on May 23

In a follow-up announcement, Binance Alpha revealed it will also list SOON (SOON), with trading set to begin on May 23, 2025.

SOON is the native utility token of the Solana Optimistic Network, a high-performance Layer 2 blockchain focused on scalability and speed.

Get ready! Binance Alpha will be the first platform to feature SOON (SOON)! Trading will open on May 23rd.

Eligible users need use Binance Alpha Points to claim their airdrop on the Alpha event page, which will be published on May 23rd with the activity rules.

Stay tuned for… pic.twitter.com/qwvv6TMiCJ

— Binance (@binance) May 19, 2025

Like with XTER, SOON will be distributed via an airdrop to users who hold Alpha points. However, Binance has yet to share the exact eligibility requirements. Full details and the airdrop event page will be released on the same day trading opens.

Binance Alpha Boosts Engagement with Points-Based Airdrops

Binance Alpha’s airdrop system is proving effective at driving platform activity. By rewarding user engagement through Alpha Points, the platform encourages participation in new listings.

Recent data from Dune Analytics shows that this model works. Binance Alpha has seen over $12 billion in cumulative volume, with more than 25 million transactions completed.

This approach benefits both early adopters and new projects, creating a win-win in the competitive crypto launch space.