There are no waves that only rise and never fall~

The most popular Alpha tokens $ZKJ $KOGE have crashed.

Those who lost are the LP builders, spot holders, and score boosters; those who won are the harvesters and short sellers.

As one of the earliest participants in providing liquidity for Alpha, let's review the rise and fall of this liquidity mining feast.

When Alpha 2.0 was just launched, the fees for almost all trading pairs were relatively high, and there were almost only USDT-XXX trading pairs with not much trading volume.

The first time I made money through Alpha's LP was by forming the BNB-XXX trading pair, which could achieve around 20-30% daily returns.

At that time, although some bloggers shared this method on Twitter, it did not lead to widespread discussion. I remember@0x_Todd sharing it once.

Later, both the project teams and DeFi OGs realized that forming LP was a good business, and with the introduction of the points system, Alpha's trading volume also surged.

Describing it as mouthwatering food, the little friends who quietly provided LP behind the scenes at that time, is no exaggeration.

At the same time, the project team realized that higher trading volume could bring greater exposure to the project, gradually leading the direction of LP to lower fees, which later resulted in the appearance of a 0.01% pool.

Of course, the Alpha trading competition also played a role in this.

At that time, everything was beautiful, with the project team, DeFi OGs, and score boosting users all converging.

But it wasn't enough; the attention of the score boosting users was still focused on 'how to efficiently boost scores'.

Meanwhile, some friends had already discovered that by providing liquidity, the project team could earn over a hundred thousand dollars a day. I remember@AB Kuai Dong posting about it.

And this should be the second wave of spreading how LP can make money. Later, I (most likely myself) took advantage of some X's feature update to write a 'One-stop tutorial from discovering high-yield trading pairs to forming high-yield LPs', which made adding LP to earn money explode.

However, as@BroLeonAus stated, the core of the content was merely forming LP. I didn't expect the exposure to be so high when I posted (240,000 views, 14,000 participants, 553 bookmarks).

Later, a friend in charge of the product at some X saw my post and thought the one-stop liquidity addition idea was good. A week later, they added an Alpha liquidity earning section.

Thus, adding liquidity truly came to the forefront from behind the scenes, and some X also completed a surprise attack on Alpha's users and liquidity.

In response to this product-level surprise attack, Binance also increased the Alpha liquidity earning section as a counterattack, drawing more score boosting users' attention to another way of making money with Alpha.

Moreover, a few days ago, they included tokens from liquidity into the Alpha points rule balance (the maximum balance points is 4, which is relatively useless).

Subsequently, there were multiple Alpha airdrops with a threshold of 240 points or more, leading to the departure of Alpha users and a continuous decline in Alpha's trading volume for several days.

Of course, the main issue is still the flash crash of Alpha's top stream tonight.

I think this liquidity mining feast is really coming to an end.