Looking back at Binance Alpha in June, the profit effect is gradually weakening. A total of 31 projects were launched throughout the month, with only 3 completing both spot and contract clearance, and 10 projects only launching contracts, with most sinking immediately after launch. Airdrop earnings have also generally shrunk, with 21 projects distributing at a value of less than 100 USDT, and only 1 project exceeding 200 USDT (DMC around 240 USDT).

Although Alpha underwent 6 mechanism updates in June, including risk control upgrades, two-stage airdrop distribution, and fee reductions, aimed at raising the threshold for studios and protecting retail investors' rights, the effect has been limited. On one hand, user activity and on-chain transaction volume have declined by 30% from their peak, while on the other hand, although the score threshold has gradually been lowered from a high of 251 points to around 140 points, the airdrops in the first-come-first-served phase mostly have a value of only 10-30 USDT, offering very low cost-effectiveness.

Moreover, high-scoring users, although getting in early, have also found their returns lacking surprises; for instance, yesterday AIN only airdropped 12 USDT. Additionally, the “pre-purchase detection 15 minutes before launch” mechanism introduced on July 3, although optimizing the process, is more easily exploited by scripts or studios to bypass facial verification. In terms of score efficiency, airdrops > TGE, and “first phase claim” > “second phase first-come-first-served”, but overall, Alpha is transforming from an on-chain bonus platform into a “tool for airdrop battlegrounds.” The quality of projects is declining, and distribution earnings are weakening. If the mechanism and project screening logic are not improved, Alpha's attractiveness may continue to decline. $BNB