Recently, Binance's Alpha section has been quite controversial.

The current controversy mainly revolves around Binance Alpha airdropping a large number of tokens to eligible Binance users. These tokens are often what project parties give for listing on Alpha or even for spot trading, and the amount given to Binance users is often much more than what is given to on-chain interacting users, raising questions about fairness.

1⃣Let's first look at the parties involved.

🔸Exchanges

As the universe's largest exchange, Binance signifies strong attention and liquidity, making it the final destination for many project parties; whether actively or passively listing, there will always be certain chips given to Binance for Launchpool, BNBHolder, or IDO rewards. For exchanges, users, funds, and trades are what they value the most.

🔸Project parties

Most project parties need a way to cash out after issuing tokens, as long as the chips given out are acceptable to the project party, listing on Binance is undoubtedly the best choice.

🔸On-chain users

On-chain users provide a lot of data support for project parties. If it weren't for the trading behavior of on-chain users, the project would have no participants and thus no reason to exist. However, it should be noted that the situation of having many trading users on-chain always exists. Some studios operate thousands or even tens of thousands of accounts simultaneously, and they frequently encounter project parties hunting for witches. However, as the strategies to prevent witch hunting become more sophisticated, project parties find it increasingly difficult to distinguish witches, and even hiring experienced professionals like Nansen won't yield much.

2⃣Let's also look at why project parties are willing to list on Binance even at a loss.

Previously, any project could easily exceed a market value of 100 million upon launch, and large projects could casually exceed 10 billion (like ARB). However, since the bear market began, market liquidity has been drained, and the era of mutual non-receipt has started. Some project parties end up with a market value at launch that is even lower than the investments they received. If major exchanges can't list them, the situation will only worsen. Imagine if $STO can't get listed on Binance, won't its market value and price be even more absurd? The raw materials for making the cake are all prepared before TGE, but if no one can make the cake, how can it be sliced?

3⃣A double-edged sword breakthrough

Coincidentally, at this time, Binance introduced a cake-making Alpha master; it is very expensive, and for the good cake he makes, he takes a portion, which nearly accounts for half of what you intend to distribute to users. However, the benefit is that the cake he makes has a high premium, and he also helps you sell the cake.

Project parties are roughly in such a predicament. As for the friends who helped project parties prepare cake ingredients earlier, they can only receive a smaller share.

4⃣On-chain users and Binance users

Well, actually they are all from the same group. To exaggerate a bit, don't web3 users basically all have a Binance account?

However, they are not entirely the same group of people. Due to Binance's account risk control, it's possible that 100 on-chain users are using the same Binance account; at least, I have a ratio of 50 on-chain users to 1 Binance account.

Think about it, the ultimate outcome isn't very different; it's just that the cake taken from the left pocket is given to the right pocket, the proportion has changed. Under this trend, more and more on-chain users will switch to being Binance users until a dynamic balance is achieved on both sides, or until something new emerges to break this current situation.

5⃣How should we, as users, view this matter?

🔹Firstly, the agreements reached between exchanges and project parties give us basically no say; users weren't involved in this matter from the start, and protecting our rights is merely an outlet for emotional release.

🔹In the traditional sense, airdrops are no longer sufficient; there are even many who can't make cakes at all—just look at Linea.

🔹Since we can't fight back, let's join in; it's better to close our eyes than to resist ineffectively.

🔹Will there be changes? Of course, there may be changes; perhaps the market will improve, and cake-making masters will return to their old jobs, or many project parties might learn to bake cakes themselves, right?

🔹Don't be biased, we are here to make money in web3, it's just that the place for making money has changed, and we need to adapt and change.