Hello everyone, I am Crypto Mu Bai.
The 'Big White' referred to by fans is hailed as 'the Buffett in rising markets and the Soros in falling markets.' As a leader in the crypto field, Big White primarily engages in spot trading, supplemented by contract operations, and has become a versatile trading master through precise market judgments and a steady operation style.
Big White is also a senior analyst in the blockchain market's spot, contracts, and on-chain gold dog layout! Win rate exceeds 96%!
Preface.
Binance Alpha has formed a value consensus among project teams, the shearing community, and retail investors. Project teams supply to Alpha, the shearing community batches do KYC to start a new round of shearing, while retail investors navigate profits between point restrictions, lucky last digits, and trading wear.
From the very beginning, launching Alpha was the best exit window for meme coins, to the violent cash giveaways in the early rounds of Alpha 2.0, and now to the introduction of point systems for user screening, with token issuers queuing to list on Alpha, Binance has gradually regained the traffic and pricing power of the on-chain market. Behind all this is Binance's ambition to reorganize the ecosystem through liquidity discourse after being left behind by OKX on the product side.
150 days have passed, and Binance Alpha has evolved from a wallet feature into the most authoritative structural mechanism in the entire crypto market.
One: What has Alpha done in 5 months?
Binance Alpha 150 days: Restructuring the pricing power and airdrop logic of the crypto market.
In 2024, the crypto market enters a bull market with the approval of Bitcoin spot ETFs and the meme frenzy, but the pricing mechanisms between primary and secondary markets gradually break down — VC valuations are inflated, token issuance cycles are extended, and listing windows become the endpoint for early investors to cash out, often leaving retail investors as the bag holders.
On December 17, Binance launched Alpha, initially just a project discovery feature for Web3 wallets, but it quickly evolved into a core tool for Binance to compete for on-chain pricing power. Faced with doubts about 'peak at opening', Binance tried mechanisms like voting for listings and Dutch auctions, but with limited effect. Alpha became a new solution: entering the observation zone does not guarantee a launch, and only generating actual value may allow sharing profits with users.
The evolution of Alpha: from meme testing ground to traffic engine.
Initial phase (2024.12-2025.2): Launched over 80 tokens, focusing on memes and AI, but failed to alleviate market skepticism towards 'VC tokens', instead becoming the last stop for meme expectations.
Turning point (2025.2): BSC ecosystem test coin TST opens channels between Alpha and traffic, starting to introduce non-meme tokens like OND0 and MORPHO.
Eruptive period (2025.3): After OKX DEX shut down, Binance launched Alpha 2.0, directly integrating CEX trading, with wallet trading volume surging to an 80% market share.
User screening: From point system to 'lucky last digit'.
The early 'task completion for points' model quickly became ineffective, prompting Binance to introduce mechanisms like lucky last digits and point consumption to filter high-activity users, providing precise airdrop targets for project teams.
Project teams' choice: Embrace Alpha, backstab the community?
In the face of uncertainty regarding main site listings, project teams began to customize strategies for Alpha:
Adjusting token economics: Deploying to BSC, modifying airdrop rules.
Sacrificing community interests: Early supporters' returns are far lower than those of Alpha users.
Zora: Alpha users received 4276 ZORA (≈90 USD), long-term community users only 30 USD.
PRAI: VC/KOL round losses, Alpha users receive high airdrops without locking positions.
Haedal, MilkyWay: Early participants' returns are diluted, Alpha users dominate.
Conclusion: Efficiency first, fairness takes a backseat.
Alpha reshaped the listing logic but also sparked controversy — project teams compromised liquidity, and community loyalty was replaced by 'shearing sheep' mechanisms. Binance controls pricing power through Alpha, but does this come at the expense of the decentralized spirit? In the future, the market may face a more extreme 'Alpha dependency syndrome.'
Two: Binance Alpha: 3 million USD for a ticket to list?
Core logic: Chips are the pass.
Binance Alpha's listing criteria are straightforward: how much capital the project side is willing to put forward. This aligns closely with its philosophy of 'embracing the BNB chain ecosystem' —
Puffer: Before launch, 3.16% of tokens were mapped to the BNB chain, with 1.24% specifically for Alpha airdrops, with a total cost of nearly 3 million USD.
Polyhedra (ZKJ): Entered Alpha before launching on the main site, offering 150% annualized returns to attract users to boost trading volume.
Stakestone: Aggressively distributed over 10% of tokens (IDO + airdrop + community incentives), ultimately securing main site listing qualification.
New rules: Previously, it was about market value and community, now it's about on-chain data and Alpha performance.
Retail investors' game: Point internal competition and false prosperity.
Alpha has made the airdrop mechanism transparent but has also completely 'involutionized':
Users who continue to participate can earn 1700 USD + profits.
But only 22% of users can meet standards through natural trading; the rest need to 'boost volume'.
Project teams' data is heavily inflated — 'No airdrop, no trading.'
Controversy: Is 3 million dollars worth it?
For project teams, this is a clearly priced transaction: ✅ Early access to Binance traffic entry points ✅ Avoid uncertainty in main site listings ❌ Sacrifice token economics (generally need to release 3-5% of supply) ❌ Create short-term data bubbles.
Final question: When listing becomes a 'ticket purchase', is Alpha truly an innovation or another form of VC monopoly?
Three: Who are the true beneficiaries of Alpha?
Binance Alpha: Restructuring a new order for the liquidity of crypto assets.
From final station to starting line.
Binance Alpha has completely changed the listing logic of crypto assets:
Past: Binance's launch was the 'final station' for projects.
Now: Alpha has become a typical case of a project's 'starting line': the chain game NXPC completed pricing anchoring on Alpha before Binance's contracts/spot gradually followed, forming a tiered liquidity release.
Building a liquidity closed loop.
Alpha created a self-reinforcing ecosystem:
Project teams pay for 'tickets' (tokens + liquidity).
Binance provides traffic entry points and pricing benchmarks.
The mechanism of rewarding outstanding performers with main site listing qualifications allows Binance to maintain asset control while avoiding the public pressure of 'listing peaking.'
Reality and controversy.
Although Alpha successfully reshaped the asset issuance process, doubts still exist:
Advantages: Established a transparent liquidity screening mechanism.
Problem: Trading volume relies on airdrop incentives, genuine user retention is questionable.
Essence: Amid the collapse of VC credibility, Binance has regained control over liquidity distribution through new mechanisms.
Final positioning: In the current market environment, Alpha may not be the ideal solution, but it is indeed the most effective liquidity management tool. It represents a paradigm shift in the crypto market from "storytelling financing" to "liquidity proof."
Four: Challenge to turn 1000 USD principal into several times (focusing on authenticity).
Challenge to turn 1000 USD principal into several times (focusing on authenticity).
Big White one-on-one [1000 USD principal] trading diary for the first trade.
On May 12, $1MBABYDOGE long position, 100 USD margin, 20x leverage.
Starting steadily, showing you Big White's win rate.
Took partial profits in the middle, later set a breakeven loss, and ultimately hit the breakeven loss.
First trade earned 45 USD!!!
Two: Challenge to turn 1000 USD principal into several times (focusing on authenticity).
Big White one-on-one [1000 USD principal] trading diary for the second trade.
On May 13, $BTC $ETH long position, 100 USD margin, 50x leverage.
Steady progress, showing you Big White's win rate.
I took partial profits in ETH twice, totaling about 50 USD.
Finally closed the position, earning about 10 USD from BTC and about 119 USD from ETH.
This time, the final profit from the two trades was about 180 USD.
