One, Rule Iteration: From 'Incentive Tool' to 'Cost Trap'
The Binance Alpha points system is undergoing a fundamental shift from 'flooding to draining'. Early users could obtain substantial airdrops through simple transactions (e.g., NXPC project single number earnings exceeding $700), but the point consumption mechanism introduced on May 13, 2025, has transformed points from 'accumulated assets' to 'continuously consumable goods'. After users claim airdrops, they need to refresh their points again, forming a 'perpetual point refreshing' cycle, leading to:
Retail Investor Cost Surge: To maintain point competitiveness, average daily trading volume must exceed $8,000+, with slippage and fees from high-frequency trading eroding profits;
Increased Monopoly of Large Holders: Users holding over $100,000 earn an average of 4 points daily, easily reaching targets with automated scripts, while ordinary users must invest several times more capital yet still struggle to meet targets;
Psychological Game Upgrade: Points are strongly tied to airdrop eligibility, creating FOMO anxiety of 'not refreshing points means elimination', inducing irrational trading.
Two, Project Ecology: Coexistence of Traffic Prosperity and Quality Crisis
Although Binance Alpha set a record of $900 million in daily trading volume, the project screening mechanism has sparked controversy:
Prevalence of Short-termism: Some projects (e.g., MYX Finance) have been reported to have a history of poor performance, plummeting 80%-90% after launch, exposing review loopholes;
Liquidity Siphoning Effect: 70% of trading volume is concentrated in BNB chain projects, while the real demand of other ecosystems (like Solana) is suppressed;
Value Paradox Highlight: High-quality projects face the 'peak to plummet' curse due to selling pressure, while low-quality MEME coins harvest liquidity through point rules.
Three, User Differentiation: Survival Strategies Under Structural Imbalance
The current ecosystem has formed a 'three-tier fracture' pattern:
Winning Class: Large holders with over $100,000 in positions achieve zero-cost arbitrage through 'holding points + hedging trading';
Strategic Players: Using double points on the BSC chain, limit order automation, etc., control daily losses within 5, stabilizing monthly earnings within 800+;
Running Retail Investors: Trapped by snowballing costs (e.g., accounts under $1,000 average daily points insufficient to reach 1 point), ultimately becoming contributors to platform fees.
Four, Platform's Hidden Agenda: Data Closed Loop and Ecological Hegemony
Binance's deep strategic intent is gradually becoming clear:
Behavioral Conditioning: The points system serves as a 'user activity filter', binding user trading habits through the consumption mechanism to build a data moat for the BNB chain ecosystem;
Regulatory Arbitrage: Placing risky projects on the Alpha platform for trial, avoiding the reputational risks of listing coins on the main site, while harvesting early liquidity;
Power Restructuring: The points rules grant the platform absolute control over project valuation and user stratification, akin to the traditional investment banking 'sponsorship listing' model forming.
Five, Future Projection: Calculated Games and Trust Crisis
In the short term, Binance may introduce mechanisms to give points for inviting new users to maintain momentum, but in the long term, it faces three major turning points:
Yield Cost Ratio Critical Point: When daily average loss exceeds 30 (currently around 30 (currently around 30 (currently around $4-$10)), retail investors will withdraw en masse;
Regulatory Iron Fist: The SEC has focused on point mechanisms suspected of inducing trading, and compliance reform may weaken the space for manipulating rules;
Trust Collapse: Frequent low-quality projects and shrinking airdrops (e.g., DOOD earnings dropping to 2%) may lead users to vote with their feet.
Summary: Binance Alpha has transitioned from the 'Inclusive Dividend Period' to the 'Calculated Game Period', essentially reconstructing the rules of centralized platforms over decentralized ecosystems. For ordinary users, it is crucial to recognize that 'points ≠ profits', and instead adopt hedging strategies and timing optimization techniques to find survival space in the crevices of algorithmic power.
