RaveDAO will launch on Binance Alpha on December 12 and open airdrop claims. This project, which claims to be a 'global electronic music DAO', has seemingly constructed a fair distribution mechanism through a total supply of 1 billion, 23% initial circulation, and three batches of claim windows (until January 11, 2026). However, on-chain data has exposed fatal flaws: on December 11, the TVL was only $447, and the data source pointed to the incorrect grave-finance protocol; the 24-hour DEX trading volume was $0; and holders were highly concentrated (the top address accounted for 91.23% as a burn address, while secondary wallets only held 2.76%). This 'high FDV zero activity' status indicates that the project had no real user participation before its mainnet launch. All of the '100K+ active participants' and 'partnership with Warner Music' remain at the marketing level rather than verifiable on-chain evidence. Moreover, the choice of Binance Alpha instead of a public DEX launch itself exposes a dependency on centralized traffic, as the Alpha score threshold mechanism forces retail investors to accumulate qualifications through high-frequency trading to claim airdrops worth tens of dollars. This design allows Binance to reap fees, project parties to achieve listing fees, and early institutions to realize triple harvesting through low-cost chips. Those retail investors attracted by the narrative of 'participating in the music revolution' may ultimately find that they have merely provided exit liquidity for the project parties. When cultural ownership turns into a points game, the decentralization promise of Web3 has completely surrendered in the face of the infrastructure of centralized exchanges. It is expected to experience a brief pump after the launch, followed by a long-term decline because a 5% liquidity allocation cannot support the selling pressure of 23% circulation, and the demand side for the music NFT track has proven to be extremely limited after the 2021-2022 boom.