Before discussing which DEX benefits the most, let's first clarify the on-chain and off-chain processes of Binance Alpha trading, and see how the underlying assets complete the transactions. For example:

1. Xiao Ming has 10 USDT in his Binance spot account and bought Morpho worth 10 USDT through Alpha.

2. At this time, Binance will directly transfer your 10 USDT (no on-chain operations involved).

3. Then a certain on-chain contract of Binance is triggered, resulting in a transfer of 10 USDT and an on-chain DEX transaction for USDT.

4. → Morpho, deposit Morpho and other operations (on-chain process, this process is essentially completed in one transaction)

5. After the above process is completed, Binance will calculate offline and deduct the 'network fee' displayed on the user page from the received Morpho tokens, which will finally be shown in Xiao Ming's Alpha account (no on-chain involved).

This is the process that underlying assets go through when everyone executes a transaction in the Alpha sector, and I found two contract addresses related to Alpha trading:

0x6aba0315493b7e6989041c91181337b662fb1b90#asset-multichain (This is the main contract address for stablecoins and BNB related to the Alpha sector)

0x73d8bd54f7cf5fab43fe4ef40a62d390644946db (This is the main contract address for Alpha altcoins)

When I checked the on-chain records, I found that the trading contracts are all called 'Binance: DEX Router', which is the aggregated DEX in Binance's Web3 wallet. Customer service also clarified that 'the liquidity pools for Binance CEX Alpha and Web3 Alpha token trading are the same, and the liquidity comes from on-chain.'

So I compiled the main DEX protocols aggregated by Binance DEX across different chains.

BSC chain - Aggregating PCS Hub (which is PancakeSwap), 1inch, BFlow (this may refer to the liquidity pool optimized by Binance similar to OKX's Aggregator)

Ethereum chain - 1inch

Solana chain - Jupiter, LiquidMesh

Base chain - 1inch

Snoic chain - Lifi (aggregating Sushiswap and Kyberswap)

As you might see, the DEX aggregated by Binance Web3 includes several mainstream aggregators, such as: 1inch, Lifi, Jupiter. The liquidity of the aggregators comes from different DEXs. At this point, we need to find out which DEXs are connected, but it is unrealistic to find all of them, especially since 1inch aggregates liquidity from over 160 sources.

So, let's first look at which chains have the highest trading volumes for Binance Alpha and the corresponding trading tokens.

According to statistics from Dune, the current trading volume of Binance Alpha is mainly concentrated on BSC and SOL. In the recent Alpha sector trading data on May 12, the total trading volume was approximately 590 million (close to half of Kraken's daily spot trading volume), of which:

BSC accounts for 90.1%, reaching 537 million USD.

The Binance Alpha points system will go live on April 25, 2025, and there will be a significant surge in stablecoins on the BSC chain.

In less than a week, it increased by over 2.1 billion USD, setting a weekly growth record for nearly 4 years.

Before May 12, the top three trading volume tokens were: ZKJ 212 million (accounting for 35.9% of total trading), SkyAI 126 million (21.2%), B2 104 million (17.6%), so we can focus on the DEX aggregated by the BSC chain, and these three tokens route to PancakeSwap when trading on Binance DEX.

After the Binance spot Alpha system went live, especially with the double points event starting in early May, PancakeSwap's trading volume increased nearly 2.5 times. Although it is not as high as the meme trading volume at the beginning of the year, the daily trading fees collected by the protocol have increased from 1.4M to the current 3.68M in the past half month, an increase of 1.6 times. As Binance's flagship application, PancakeSwap is one of the main winners in this Alpha craze.

The growth in trading volume will inevitably lead to an increase in LP yield. Looking at the Pancakeswap Pool, ranked from high to low by yield, the top ten are basically tokens on Alpha. This also provides us with another idea: if Alpha points are too powerful, we can actually choose to group LPs of Alpha tokens with large TVL and trading volume.

Finally, we will not discuss the impact of Binance Alpha on the industry or the airdrop track. Just from the perspective of this model itself, it cannot be sustained for long. High ROI typically only occurs in the early stages. Once the model matures, excess profits will be quickly smoothed out, and it will eventually reach a state of micro-profit or micro-loss balance. The recent airdrop value of the $RDAC token has already illustrated the issue.

As I have said before, the unknown and chaos will bring unexpected excess profits.