Recently, Binance Alpha – a feature within the Binance wallet that showcases early-stage crypto projects – introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.
This new scoring feature has attracted a wave of interest from airdrop hunters and significantly increased trading volumes on Binance Alpha. However, Binance Alpha Points have elicited mixed reactions.
The daily volume of Binance Alpha exceeds $330 million
Data from Dune shows that trading volume on Binance Alpha surged after Binance announced Alpha Points on April 25.
As of May 7, the trading volume on Binance Alpha exceeded $330 million. On May 5 and 7, the platform recorded over 1 million daily transactions. The total accumulated trading volume has now surpassed $2.8 billion, with nearly 117 million transactions. This achievement reflects the strong appeal of the Alpha Points feature. More users are actively trading to accumulate points and increase their chances of receiving airdrops.
At the same time, Binance is more frequently announcing new projects on Binance Alpha.
What is the reaction of investors to the Binance Alpha Points initiative?
Vonni, the founder of MBMweb3, is an active supporter of the Binance Alpha program. In a post on X, Vonni described the program as a 'golden window' for users to participate before it becomes overcrowded.
He shared his strategy for earning 15 points a day. He holds assets worth over $100,000, which gives him 4 points, and trades over $2,048 daily, earning 11 points.
Vonni emphasized that daily expenses to maintain this activity are about $1 in transaction fees, highlighting the strong profit potential of the program.
"Binance Alpha is still a golden window. Track your score. Minimize expenses. And get your share while the rewards are coming," said Vonni.
However, not all investors share Vonni's optimism. Many criticize Binance Alpha, calling it a 'pull scheme.'
One of the main points of contention is that Alpha Points only account for activity over the last 15 days. Users cannot accumulate points long-term, forcing them to trade constantly to maintain their points, creating significant financial pressure. Moreover, the requirements for rewards have become increasingly stringent. Initially, users only needed 45 points to receive the AIOT airdrop. But now Binance requires 150 points to qualify for the SXT airdrop.
According to the calculation method of Binance, users must trade up to $131,072 to earn 17 points.
This has led users to pay transaction fees, but still not earn enough points to qualify for the airdrop. Some users even reach the required threshold of points but do not pass the risk assessment, thus not receiving the airdrop.
"Binance Alpha is a scheme that destroys you even if you don’t notice it… Binance looks completely greedy. When they offer you something, trust me – they take much more from you indirectly," criticized investor Abhi.
Despite these concerns, the number of projects listed on Binance Alpha continues to grow. According to CoinMarketCap, over 140 projects have been listed on Binance Alpha.
Nine of these projects conducted airdrops through the Alpha Points system.#BinanceSquare #Write2Earn #Alphapoints #BinanceAlpha #BTCBackto100K $ETH