Recently, the significant flash crashes and sudden drop in trading volume of pairs like ZKJ/KOGE have sparked discussions in the market about whether the Binance Alpha points program has reached its end. Many people have expressed that they have already started to 'resign' from Binance Alpha, but I believe there is still room for participation. After all, the growing pains are just the beginning of optimization. The essence of the Alpha points program is an operational strategy, and a good operational strategy places greater emphasis on long-term value and future sustainability. Objectively speaking, this wave of volatility is more akin to a 'first phase' type of fluctuation rather than a signal of the program's termination; the core lies in the fact that the program's mechanism is transitioning from 'wild growth' to 'refined operation', supported by the following four key elements:

1. Mechanism iteration: Transitioning from 'high frequency' to 'phased' scoring. After the flash crash incident, Binance clearly canceled the point eligibility for internal pool trades like ZKJ/KOGE, temporarily closing loopholes for score manipulation and gaming.

Phased airdrop distribution: Points collection and airdrop rewards will be unlocked in phases, reducing the selling pressure caused by one-time concentrated releases.

These adjustments indicate that Alpha is establishing a fairer and more controllable points system, laying the groundwork for future activities.

2. Ecological traffic: Not just a 'fee game'.

Although trading fees generate considerable revenue, Alpha's true value lies in:

Expansion of the on-chain user base: Through wallet trading, LP mining, cross-pool trading, and other on-chain interactions, it has attracted users who originally only traded on CEX.

The increase in TVL and activity has led to a significant influx of funds into BNB Chain's DEX, providing stable liquidity support for Binance's subsequent self-research projects or ecological collaborations.

3. Data accumulation: Building precise user profiles.

All on-chain interactions leave traceable records, allowing Binance to: Identify characteristics of long-term market-making and short-term arbitrage behaviors;

Incorporate metrics such as 'high activity' and 'long-term holding' into the distribution logic for future airdrops or on-chain governance;

Utilizing behavioral models to optimize risk control and product design, achieving more efficient user segmentation and personalized operations.

4. Long-term game: Finding opportunities amidst volatility.

The multi-phased evolution of the Alpha program determines that it is more akin to a 'marathon' rather than a quick speculative sprint.

Pay attention to the official rhythm: Keeping up with rule updates and new projects in a timely manner is crucial to seize the optimal entry point for each phase.

Diversifying risk allocation: Reasonably distributing funds across different pools and tokens, smoothing the impact of single flash crashes.

Medium to long-term perspective: Aiming for 'ecological growth' and 'data rights', going beyond concerns about trading fees and short-term volatility.

The essence of the Binance Alpha points program is to build a multi-round, sustainable on-chain incentive system through 'user growth + ecological traffic + data accumulation'. Despite short-term volatility and mechanism adjustments causing growing pains, it is precisely through these iterations that the program is gradually transitioning from an 'experiment' to mature 'long-term operation'. For participating users, understanding and adapting to its phased rhythm is essential to achieve more stable returns amidst evolving rules.

Now it's just about giving up the ZKJ/KOGE pairs and looking for better trading strategies. Before ZKJ/KOGE, weren't we all still trading happily?

A brief discussion, please don't criticize.