Xeleb Protocol (XCX), as the first project launched on the Binance Alpha platform, has attracted widespread follow in the crypto market. Although the official valuation data has not been announced yet, we can gain some insights into its market prospects through multi-angle analysis.

Based on the valuation models of similar projects, the initial circulating market value of XCX may fall within the range of $300 million to $500 million. This estimate is based on its positioning as a cross-chain protocol and the influence of the Binance platform. If XCX can successfully expand its ecosystem, its fully diluted valuation is expected to reach higher levels in the long run.

It is worth noting that XCX has secured institutional investments, including from Binance Labs. Binance has even pledged to provide $5 million in market-making funds and derivatives support, which undoubtedly adds weight to XCX. At the same time, the enthusiastic response from the community to the airdrop event also reflects the market's expectations for the project.

However, we cannot ignore the potential risk factors. The challenges at the technical level, especially the security issues of cross-chain bridges, as well as competitive pressure from mature ecosystems such as Polkadot and Cosmos, may impact the development of XCX. In addition, the details of the token economic model have not been fully disclosed, which also brings uncertainty to future valuations.

Overall, the market positioning of XCX is full of opportunities while also facing challenges. Investors should remain rational while focusing on its potential and closely monitor the project's actual progress and market performance. As more data is released and the ecosystem is gradually built, we will be able to have a clearer understanding of the true value of XCX.