SEC Clears 2Z, but Market Dives 65%-What's Behind the Paradox?
DoubleZero's 2Z2Z-- token has experienced a sharp decline following its launch, with prices dropping 65% in the hours after Binance listed the asset. The collapse was attributed to a discrepancy between the stated and actual circulating supply, as well as large token transfers by major stakeholders. At launch, 3.47 billion 2Z tokens were in circulation-five times the 700 million outlined in the project's whitepaper-sparking accusations of insider dumping. Jump Crypto, a key investor holding 21.39% of the supply, deposited $20.9 million of 2Z on exchanges, fueling fears of a coordinated sell-off [3].
The U.S. Securities and Exchange Commission (SEC) granted a no-action letter on September 29, 2025, confirming 2Z is not a security, a move seen as a regulatory win for decentralized physical infrastructure network (DePIN) projects. Commissioner Hester Peirce emphasized the token's utility in incentivizing infrastructure contributions rather than speculative investment [2]. Despite this, the token's post-launch volatility overshadowed the regulatory clarity, with traders on Binance increasing short positions to 60% amid skepticism over tokenomics [2].
Binance and other exchanges have since introduced incentives to stabilize liquidity, including a $3.35 million token voucher pool and perpetual futures listings. However, these efforts have not offset the downward pressure, with 2Z trading 67% below its all-time high. Analysts note that while the SEC's decision provides long-term bullish potential, the token's inflationary model and unlocked supply remain bearish risks [2].
Coinbase's recent listing of 2Z followed the SEC's no-action letter, further legitimizing the asset. The exchange highlighted the token's alignment with DePIN's goal of improving blockchain scalability through real-world infrastructure. Post-listing, 2Z's price rose 3% within 24 hours, though trading volume surged by 35%, indicating renewed interest .
Market participants are closely monitoring the impact of liquidation dynamics on 2Z's price action. Derivatives platforms report cascading short liquidations, a contrarian indicator suggesting potential rebounds. Liquidation heatmaps show red zones (short liquidations) dominating, signaling aggressive selling amid leveraged positions [1].
The project's roadmap includes mainnet-beta scaling, multi-chain expansion, and staking activation, which could enhance utility and reduce sell pressure. However, critics argue that the token's 96.5% locked supply-unlocking through 2029-poses ongoing volatility risks [2].
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