Binance's alpha is truly a clever trick. The main board still maintains a high-end image, serving as a promotion channel for alpha, avoiding the peak right after listing, although it doesn't have much effect. However, alpha has indeed drained small exchanges, not only taking away the project teams from small exchanges but also their users. What's more critical is that it has siphoned off liquidity from on-chain and other exchanges. Previously, alpha aimed to increase yields, and the funds in my own Binance account were gradually being moved on-chain, but now it's the opposite, with on-chain funds gathering in the Binance exchange or the BSC chain. For example, staking SOL now is basically incomparable to BSC coins; it's uncertain whether high yields can be maintained in the future. For instance, the DeFi yields on-chain are even lower than Binance's trading bots. Being conservative, dual-coin investments yield good returns. The process of staking and borrowing coins, along with the interest rates, is much simpler than DeFi. If this continues, with Binance being so dominant, it's hard to say whether it's good or bad.