1/ Welcome to the first edition of Arrakis Research – a weekly deep dive into the mechanics driving onchain markets (Data sourced via @Dune). We begin with a major shift in DEX orderflow: How @PancakeSwap flipped Uniswap by leveraging @Binance’s exclusive TGE pipeline.

3/ Binance Alpha has done more than $75B in volume, powering a 539% QoQ volume surge on PancakeSwap. In just months, it has reshaped onchain token launches: Projects now tend to default to BNB Chain, drawn by routing depth, speculative flow, and incentive-aligned distribution.

4/ Although it may seem like Binance Alpha should only affect exotic token pairs, it directly drives macro volumes too. Trades route through deep base pairs like USDC/BNB or USDT/BNB to access TGEs, bootstrapping volume across PancakeSwap’s entire routing graph.

5/ When a GOV/wBNB pair launches, users holding USDC would route: USDC → wBNB → GOV This structure bootstraps volume not only on the TGE pair but also across upstream core pools like USDC/wBNB or USDC/USDT, contributing directly to macro pair activity.

6/ While volumes are strong and distribution wide, some challenges still remain: – Airdrop farming can drive early sell offs – Few tokens from Alpha reach Binance spot listings (6/153 recorded or <4%) – Alpha mandates 1 bps pools, yielding negligible fees and poor LP economics

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