Decoding the Alpha Points System: The Core Driver Behind BNB’s Price Surge

I. Executive Summary

The recent surge in the price of BNB has been significantly influenced by the Binance Alpha Points System. This system effectively stimulates on-chain activity on the BSC network, increases both direct and indirect demand for BNB from users and projects, and enhances overall liquidity within the Binance ecosystem. In this report, I will provide an in-depth analysis of the Alpha Points System's operating model, using examples such as the PancakeSwap TGE, REDACTED (RDAC) token, and NEXPACE (NXPC) token to illustrate how these mechanisms work in practice and collectively drive BNB’s price momentum. More than just a reward program, the Alpha Points System is a deliberately designed ecosystem development tool that fosters a self-reinforcing cycle of activity and demand centered around BNB and BSC.

II. Binance Alpha Points: Mechanism and Incentives

The Binance Alpha Points system is a scoring mechanism used to evaluate user activity within the Binance Alpha and Binance Wallet ecosystems. It determines eligibility for participating in specific opportunities such as PancakeSwap TGEs and Alpha token airdrops. At its core, this mechanism is designed to energize the Binance ecosystem—particularly BNB and the BSC chain—by incentivizing targeted user behavior.

Alpha Points Calculation Explained
Alpha Points are calculated daily based on the sum of “Balance Points” and “Volume Points” over the past 15 days. This rolling average model encourages continuous rather than sporadic participation.

• Balance Points: Earned daily based on the total assets held by users in Binance accounts (spot, margin, futures, etc.) and Binance Wallets (limited to Alpha tokens and tokens supported in Binance’s spot market). The point tiers are:

  • Asset value between $100 and <$1,000 = 1 point/day

  • Asset value between $1,000 and <$10,000 = 2 points/day

  • Asset value between $10,000 and <$100,000 = 3 points/day

  • Asset value ≥ $100,000 = 4 points/day

• Volume Points: Earned based on the total amount of Alpha tokens purchased daily on Binance Exchange and Binance Wallet. Notably, selling Alpha tokens does not affect point accumulation. The point tiers are:

  • Purchase of $2 worth = 1 point

  • Purchase of $4 worth = 2 points

  • Purchase of $8 worth = 3 points

  • Purchase of $16 worth = 4 points

  • Purchase of $32 worth = 5 points

  • Each doubling of the purchase amount thereafter yields 1 additional point

How Alpha Points Shape User Behavior
Through its calculation rules, the Alpha Points system strategically influences user behavior:

• Encourages asset holding (especially BNB): The balance point system directly motivates users to retain and grow their asset holdings on Binance. Given BNB’s central role in the ecosystem and its utility in other Alpha-related Binance programs (like HODLer Airdrops), it has become a preferred asset for maximizing balance points.

• Incentivizes trading of Alpha tokens: Volume points reward users for actively purchasing newly listed Alpha tokens, providing early-stage projects with initial liquidity and price discovery.

• Drives strategic point accumulation: In pursuit of meeting TGE or airdrop qualification thresholds, users proactively research and develop optimal accumulation strategies, balancing holdings and trade activity. This deepens user engagement and investment in the ecosystem.

Eligibility for TGEs, Airdrops, and Activities
Alpha Points serve as the "golden key" to exclusive Binance rewards. This exclusivity drives high levels of user engagement. Binance explicitly states that Alpha Points determine eligibility for TGEs and Alpha token airdrops.

The 15-day rolling average point calculation strengthens user "stickiness." To maintain access to future activities, users must continuously participate—translating into sustained demand for BNB and ongoing interaction with Alpha-listed tokens. Unlike one-time promotional campaigns, this model fosters long-term behavioral habits, contributing to more stable and enduring benefits for the ecosystem, including liquidity and BNB demand.

Additionally, the Alpha Points system subtly encourages users to explore and invest in early-stage projects within the Binance ecosystem. By gamifying access to early opportunities, Binance incentivizes users to understand these projects and become familiar with the risks and rewards of early investment. Over time, this cultivates a more mature and active user base, reinforcing Binance’s leadership as a centralized exchange.

III. On-Chain Dynamics: How the Alpha Model Impacts BSC Activity

There is a strong interaction between the Binance Alpha Points System and the BSC blockchain, significantly boosting on-chain activity and user growth within the BSC ecosystem.

Surging BSC Trading Volume and User Acquisition
According to data from Dune and BscScan as of May 9, 2025, BSC tokens dominate Alpha projects: among 121 Alpha projects, over 70% are BSC-based, with 38% being native BSC projects spanning areas such as AI, meme tokens, and DeFi. This focus on BSC naturally channels a large volume of trading activity toward the BSC network.

Supporting data reinforces this trend: BSC tokens account for roughly 40% of the total trading volume within Alpha. Notably, weekly trading volume for BSC-based Alpha projects surged by 122.5%, and total weekly transaction value increased by 78%. These gains directly translate into increased transaction counts on the BSC network.

Correspondingly, on-chain activity metrics for BSC also soared. In the week leading up to May 9, 2025, BSC recorded around 4.3 million new addresses, with over 1 million new addresses registered on two consecutive days and more than 2 million daily active addresses. From late April to early May 2025, daily transaction counts showed an upward trend, peaking at 8.876 million on May 6 and remaining high at 8.55 million on May 12. While not all of this growth can be directly attributed to the Alpha Points system, the timing coincides closely with heightened Alpha project activity.

The “Double Trading Volume” Multiplier Effect
Trading Alpha tokens on the BSC chain earns users double volume points, significantly increasing their points accumulation efficiency. This is a powerful incentive that encourages users to preferentially trade Alpha tokens on BSC, directly boosting both transaction counts on the chain and the consumption of BNB as gas fees.

Why BSC Attracts Alpha Projects
Thanks to its extremely low gas fees and high throughput (TPS), BSC provides an attractive platform for projects that require high-frequency interactions—especially in sectors like AI and DeFi.

The surge in new users and active addresses on BSC linked to Alpha Point activities shows that the Alpha system is an effective user acquisition channel for the chain. This is not just a short-term trading boost—users drawn by Alpha Points to join TGEs or claim airdrops must interact with the BSC chain (e.g., setting up wallets, paying gas in BNB). Some of these users may go on to explore other dApps on BSC, transitioning from short-term participants to long-term ecosystem users and expanding the potential user base for all BSC projects.

Strengthening BSC’s Position Among Layer 1 Chains
By increasing trading activity, user engagement, and project numbers, Alpha Points contribute to BSC becoming a more attractive environment for developers. This positive feedback loop—driven by Alpha—helps reinforce BSC’s competitive standing among Layer 1 blockchains.

IV. Driving Demand for BNB: A Multi-Dimensional Approach

The Alpha Points system significantly boosts demand for BNB through various channels, driven both by projects seeking liquidity and by users actively participating in the ecosystem.

A. Project-Driven Demand (BNB for Liquidity Provision)

• Initial Liquidity for Alpha Projects:
  New projects—especially those launching via TGE on decentralized exchanges like PancakeSwap—require BNB to pair with their native tokens and create liquidity pools. For example, MYX Finance’s TGE was conducted on PancakeSwap, where BNB was essential for setting up liquidity, thereby generating direct demand from project teams.

• BSC’s $100M Permanent Liquidity Program:
  
  Launched in March 2025, this initiative provides permanent market-making incentives to support token liquidity, typically using a 50/50 pairing of BNB and project tokens on PancakeSwap. While separate from the Alpha system, this program complements it—especially for Alpha-highlighted or promoted projects—by further anchoring BNB demand.

• Alpha as a Pre-Listing Liquidity Stage:
  It has been suggested that Alpha-listed projects often face liquidity limitations and must work toward meeting criteria for official contract or spot listings. This dynamic drives them to accumulate BNB and build stronger liquidity pools in preparation for “graduating” to larger trading venues.

B. User-Driven Demand (BNB for Participation and Point Accumulation)

• BNB to Earn Balance Points:
  As described earlier, holding assets on Binance—including BNB—grants users daily balance points. Due to BNB’s central role in the ecosystem, users aiming for Alpha rewards are strongly incentivized to hold and even increase their BNB balances.

• BNB for BSC Gas Fees:
  Increased Alpha token trading activity on BSC naturally raises the demand for BNB as gas fees, since BNB powers transactions on the chain.

• BNB for Accessing Other Binance Activities:
  Alpha Points are often only the first step. Other major incentive programs on Binance—such as HODLer Airdrops (e.g., SIGN token airdropped to BNB holders on Simple Earn), Launchpool (staking BNB to farm tokens like SXT), and Megadrop—also require users to hold or stake BNB. Users initially accumulate BNB to participate in Alpha, then become eligible for a broader array of BNB-centered activities.

• BNB for TGE Purchases:
  For TGEs conducted on PancakeSwap (e.g., MYX Finance), users need BNB to purchase new tokens, directly linking Alpha participation to BNB demand.

Alpha Points create strong and direct demand for BNB—particularly in projects launched via PancakeSwap TGEs that require BNB for liquidity. On a deeper level, the system encourages broader BNB accumulation and usage by requiring users to hold assets (for balance points) and participate in trades (for volume points). BNB becomes more than a gas token—it transforms into a passport to new opportunities.

To accumulate points, users may buy more BNB or transfer existing BNB to Binance spot or wallet balances. Trading Alpha tokens on BSC further increases demand for BNB to cover gas fees. This expands BNB’s role across users’ broader investment strategies on Binance.

V. Enhancing Exchange Liquidity: The Impact on Binance

The Binance Alpha Points System not only drives demand for BNB and fuels activity on the BSC chain—it also significantly enhances overall liquidity on the Binance exchange, particularly for BNB and newly listed Alpha tokens.

Increased Trading Volume for BNB and Featured Alpha Tokens

The Alpha Points system directly stimulates trading activity in newly listed tokens. A notable example is the Binance Alpha 2.0 platform, which on May 10, 2025, recorded a daily trading volume of $428.3 million. Such high-volume activity contributes substantially to the exchange’s overall liquidity.

When users trade Alpha tokens—typically paired with USDT or BNB—this increases the liquidity and depth of these trading pairs. Additionally, user preparation and participation in TGEs and airdrops to earn Alpha Points drives further trading in BNB itself.

Alpha 2.0 Integration Effect
Since March 2025, Binance integrated the Alpha platform directly into its main exchange, allowing users to buy on-chain tokens using spot or funding accounts without relying on the Binance Wallet. This integration significantly lowers the barrier to entry and improves user experience, enabling idle capital on Binance to flow more easily into Alpha projects—thereby boosting liquidity.

The Value of the “On-Chain Incubation → Internal Circulation” Path
BSC-native projects incubate on-chain, gain exposure and initial circulation through the Alpha platform, and potentially graduate to Binance’s main spot market. This “value loop” keeps both capital and activity within the Binance/BSC ecosystem, strengthening internal liquidity.

As of May 9, 2025, twelve BSC-native projects had successfully made it from Alpha to Binance spot listings. These projects typically build liquidity within Binance-affiliated platforms (e.g., PancakeSwap → Alpha platform → Binance Spot), concentrating early-stage trading within the ecosystem rather than spreading it across external venues.

The Alpha system acts as a magnet for speculative and strategic trading activity around emerging, often lower-cap tokens. Especially since the Alpha 2.0 integration, this activity directly contributes to Binance’s exchange volume.

Users who are bullish on new tokens—whether for speculative gain, airdrop qualification, or early access—trade through the Alpha interface on Binance, increasing platform volume.

By serving as a pre-listing price discovery and liquidity-building layer, the Alpha system paves the way for deeper market presence for new tokens on Binance’s spot exchange. Projects gain exposure and early trading history during the Alpha phase, providing useful data for Binance to assess full listings.

Once officially listed, these tokens already have a user base and demonstrated trading activity, allowing them to establish deeper liquidity on the exchange more rapidly.

The liquidity boost and steady stream of new projects enabled by Alpha further consolidate Binance’s dominance as the go-to venue for discovering and trading emerging tokens. This creates a network effect—more projects want to launch on Alpha or Binance for access to deep liquidity and a large user base, and more users flock to Binance to capture early opportunities. This positive cycle gives Binance a significant edge over competitors lacking such a tightly integrated early-stage pipeline.

VI. Case Studies: Real-World Applications of Alpha Points

The following examples illustrate how the Alpha Points system operates in practice, incentivizes user participation, and positively impacts both BNB and the broader BSC ecosystem.

A. PancakeSwap TGEs (e.g., MYX Finance, MilkyWay)

• Mechanism:
  Binance Wallet hosted exclusive Token Generation Events (TGEs) for projects like MYX Finance and MilkyWay (MILK) via PancakeSwap. Eligibility to participate was clearly based on users’ Alpha Points, with the minimum point threshold announced shortly before the subscription period.

• BNB Utility:
  Users needed to hold sufficient BNB in their Binance Wallet to pay for PancakeSwap trading fees and token purchases. This directly connected Alpha-based TGE qualification to real BNB demand.

• Impact:
  These events gave qualified Alpha Points holders early access to promising tokens, increasing engagement with both the Alpha Points system and PancakeSwap. They showcased the “on-chain incubation” model where new BSC projects gain initial traction through Alpha before wider market exposure.
  

B. REDACTED (RDAC)

• Mechanism:
  Binance Alpha was the first platform to list the REDACTED (RDAC) token, with trading starting on May 13, 2025. Users who met a specific Alpha Points threshold received an airdrop, distributed within 10 minutes of trading going live.

• Impact:
  The airdrop—tied to Alpha Points—triggered noticeable activity as users scrambled to qualify. New listings on Binance accompanied by Alpha-based airdrops often result in high volatility and volume due to increased accessibility. This case highlights Alpha Points as a tool to drive early-stage user engagement and trading behavior on the Binance exchange.

• Alpha Points Burn Mechanism:
  Binance plans to introduce a “burn mechanism,” where a portion of Alpha Points is consumed after successful participation in TGEs or airdrops. Though not implemented for RDAC, this upcoming feature may increase the value and scarcity of Alpha Points.

C. NEXPACE (NXPC)

• Mechanism:
  NEXPACE (NXPC), the ecosystem token for MapleStory Universe, launched via Binance Alpha with trading starting on May 15, 2025. Eligible users could claim their NXPC airdrop starting May 13 via the Alpha activity page.

• Ecosystem Impact:
  NXPC’s launch was significant because it came from Nexon, a major game developer. As a Web3 gaming token, NXPC enables users to create in-game items within the MapleStory Universe—demonstrating Alpha’s expansion into GameFi and diversified ecosystems.

• BNB Utility (Indirect):
  Although NXPC is based on the Avalanche L1 network and doesn’t explicitly require BNB for liquidity, the airdrop via Alpha Points still connects the project to the Binance ecosystem. Should NXPC eventually build liquidity on PancakeSwap, this would further create BNB demand.

These cases demonstrate a common pattern:

Alpha Points are a gatekeeper to high-value opportunities like TGEs and airdrops. This, in turn, motivates behaviors that drive demand for BNB and boost on-chain activity on BSC—such as holding BNB for balance points, trading Alpha tokens (especially on BSC for bonus volume points), and interacting with Binance platforms.

The choice of launch venue (e.g., PancakeSwap for TGEs, Binance Alpha for listings) plays a major role in concentrating initial liquidity and trading activity, directly benefiting the BNB/BSC ecosystem.

To gain early access to sought-after tokens like MYX, RDAC, or NXPC, users must accumulate Alpha Points. That process often involves multiple forms of BNB usage: holding for balance points, using it for gas on BSC, or spending it directly in TGEs—clearly establishing a pathway from user intent ("get the token") → BNB-centric action.

VII. Comprehensive Analysis: Alpha-Driven Price Momentum of BNB

By connecting the insights from previous sections, it becomes clear how the Alpha Points system systematically fuels upward price momentum for BNB.

A Multi-Layered Flywheel of Incentives
The Alpha Points system is intentionally structured to incentivize specific user behaviors. These behaviors directly lead to increased BSC activity and user base expansion. In turn, the resulting on-chain boom drives real demand for BNB from both project developers (who need liquidity) and users (who participate in activities, earn points, and pay gas fees).

At the same time, the Alpha system contributes to significantly higher trading volume and liquidity for both BNB and related Alpha tokens on Binance. The case studies presented earlier provide concrete evidence of how these mechanisms operate in the real world.

This intricate interaction of factors forms a “flywheel effect”:

• Increased BSC activity makes the chain more attractive to new users and projects.

• Stronger BNB demand—both for liquidity and point accumulation—supports price appreciation.

• Enhanced exchange liquidity improves trading efficiency for BNB and Alpha tokens.

• All of this is continuously driven by the Alpha Points system, creating a self-reinforcing cycle that pushes BNB’s price higher.

Amplifying Factors Behind the Momentum
In addition to the direct effects of the Alpha system, several external and ecosystem-wide factors magnify its impact on BNB’s price:

• BNB Burn Mechanism:
  
  BNB undergoes quarterly token burns. For example, on April 16, 2025, Binance completed its 31st burn, removing approximately 1.58 million BNB from circulation. While not directly related to Alpha, this deflationary pressure complements Alpha-driven demand, creating a classic bullish supply-demand combination.

• Macro Market Sentiment and BNB Ecosystem Developments:
  
  Positive developments within the BSC ecosystem—such as AI integrations, gas fee optimizations, new partnerships, and a generally bullish crypto market—provide a favorable backdrop for Alpha to exert its influence. During May 11–12, 2025, BNB’s price remained strong in the $650–$670 range, reflecting this positive environment.

A Strategic Ecosystem Play
Alpha Points are more than just a feature for listing new tokens—they represent a strategic move by Binance to deepen its ecosystem moat. By aligning user incentives with actions that directly strengthen BNB and BSC, Binance creates a tightly integrated ecosystem that reinforces its dominance.

Placing Alpha Points at the center of new opportunity access ensures that users must engage with the Binance ecosystem—hold BNB, use BSC, and trade on Binance—to unlock these rewards. This raises the opportunity cost of leaving the ecosystem, especially for users who have already invested time and capital in accumulating Alpha Points.

A Blueprint for the Industry
The success of Alpha in boosting BNB’s value and ecosystem activity may serve as a blueprint for other Layer 1/Layer 2 blockchains and exchanges. More platforms could design token-centric incentive systems focused on user engagement and retention.

If the Alpha model continues to prove effective in driving price and participation, it may spark an industry-wide trend of “points-driven ecosystem growth,” pushing incentive systems toward greater precision, modularity, and long-term user commitment.

VIII. Conclusion and Market Implications

A comprehensive analysis shows that the Binance Alpha Points System is a powerful and multi-dimensional driver of BNB’s value.

It has successfully stimulated on-chain activity across BSC and generated real demand for BNB from multiple sources—project teams seeking liquidity and users aiming to earn points or gain early access. Simultaneously, it has enhanced liquidity on the Binance exchange.

A Strategic Engine for Binance’s Ecosystem
For Binance, the Alpha system plays a central role in nurturing its ecosystem, incubating new projects, retaining users, and reinforcing BNB’s utility and value. The “on-chain incubation → internal circulation” pathway is a concrete example of this ecosystem-centric strategy.

Potential Future Impacts

• Increased Competition for Alpha Points:
  As more users understand the system, the cost or difficulty of obtaining enough points to earn top-tier rewards is likely to rise. Some analyses suggest that users holding under $10,000 may increasingly try to “game” the system by boosting trade volume—making it harder for passive holders earning just 3 points/day to qualify.

• Evolution of the Alpha Model:
  Binance is expected to continue refining the Alpha Points system—such as implementing the upcoming point burn mechanism—to maintain its effectiveness and adapt to shifting market conditions.

• Impact on Project Listings:
  For projects seeking visibility and user acquisition within the world’s largest crypto ecosystem, Alpha could become a more vital listing path than ever.

• Long-Term Value Accumulation for BNB:
  If Alpha Points continue to drive foundational user behaviors and demand patterns, they may serve as a sustainable long-term driver of BNB value—working synergistically with mechanisms like token burns.

Final Thoughts

The Alpha Points System is not simply a product or a promotional feature—it’s a strategic flywheel designed to integrate liquidity, discovery, and user behavior within Binance’s ecosystem.

By putting Alpha Points at the heart of new opportunity access, Binance ensures that users eager for the next big thing must participate in BNB- and BSC-centered activities. This reduces churn, increases platform loyalty, and strengthens Binance’s position as the go-to hub for early-stage tokens.

As Alpha continues to prove effective, other platforms may take notice—ushering in a new era of points-driven, ecosystem-centric token economies.