Binance Alpha has been more like a game of chasing rules for someone like me who has been following the entire process. The rules have changed four times, and each round felt like starting over, with retail investors and project teams repeatedly negotiating in this tug-of-war.

In the beginning, the points competition system was simply a battlefield for "top players." Scores skyrocketed like a rocket, and the project teams poured their chips too aggressively, resulting in a peak right after launch. The ones left holding the bag were retail investors like us, who were dazed by the high scores, unable to withstand the pressure of selling.

Later, it changed to a tiered redemption system, and everyone became savvy, holding onto points and waiting for the "big rewards." Those small benefits were hardly touched by anyone. During that time, I was constantly calculating points, and the rewards I received were even less than the initial small amounts, marking the worst phase of returns.

Then came the “first come, first served” model, where lowering the threshold allowed studios to dominate the scene. We retail investors were glued to our phones, and what we managed to grab were just scraps, while the real gains were swallowed by bulk-operated scripts.

In the end, with the “first come, first served” that couldn’t be grabbed, the project teams were quite pleased—selling pressure was reduced, and coin prices stabilized, but the airdrops in the hands of retail investors were pitifully few. Worse yet, some tasks consumed a lot of time, only to be hit with reverse withdrawal fees, leaving us truly frustrated.

Ultimately, the early rules left project teams unable to control the market, while later they placed the interests of retail investors behind, turning into a channel for air projects to unload. Fortunately, Binance has recently started verification and cleaning up studios, which has put an end to the chaos of the first phase.

Now we just have to see if the new rules can truly level the playing field—if retail investors are motivated to participate, and project teams can reasonably unload their assets, and trading volume increases, then this game can continue. Otherwise, no matter how many times the rules change, everyone’s spirits will be completely dampened. #alpha