Binance Alpha Points Drive $2.8B Trading Volume, Sparking Mixed Reactions

Binance Alpha, a feature within the Binance Wallet that showcases early-stage crypto projects, has recently introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem, and it has attracted significant interest from airdrop hunters, leading to a surge in trading volume on the platform.
Data from Dune Analytics shows that trading volume on Binance Alpha surged after the announcement of Alpha Points on April 25. By May 7, the trading volume had exceeded $330 million, with over 1 million daily transactions recorded on May 5 and May 7. 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, as more users are actively trading to accumulate points and increase their chances of receiving airdrops.
Binance has been announcing new project listings on Binance Alpha more frequently, which has contributed to the increased activity on the platform. The number of projects featured on Binance Alpha continues to grow, with more than 140 projects listed and nine of those projects having conducted airdrops through the Alpha Points system.
However, the Binance Alpha Points initiative has sparked mixed reactions among investors. While some, like Wonnie, the founder of MBMweb3, see it as a "golden window" for users to participate before it becomes overcrowded, others have criticized the program, calling it an "extraction scheme." One major point of controversy is that Alpha Points only count activity from the past 15 days, forcing users to trade continuously to maintain their scores and creating significant financial pressure.
Additionally, the reward requirements have become increasingly strict. Initially, users only needed 45 points to receive the AIOT airdrop, but now, Binance demands 150 points to qualify for the SXT airdrop. Based on Binance’s calculation method, users must trade up to $131,072 to earn 17 points. This has led to users paying transaction fees but still not earning enough points to qualify for an airdrop. Some users even reach the required point threshold but fail the risk assessment, so they don’t receive the airdrop.
Despite these concerns, the Binance Alpha Points initiative has successfully driven significant trading volume and user engagement on the Binance Alpha platform. The feature has attracted a wave of interest from airdrop hunters and has become a popular way for users to participate in early-stage crypto projects. However, the mixed reactions from investors highlight the need for Binance to address the concerns and criticisms surrounding the Alpha Points system to ensure its long-term success and sustainability.

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