Binance Alpha1.0的失敗以及戰略轉向Alpha2.0

由於Binance錢包的失敗，Binance Alpha 1.0是連接鍊鍊流動性的橋樑的橋樑，失敗了。

Author: Kevin, the Researcher at Movemaker

作者：Movemaker的研究員Kevin

The failure of Binance Alpha1.0 and the strategic shift to Alpha2.0

Binance Alpha1.0的失敗以及戰略轉向Alpha2.0

Due to the failure on Binance Wallet, Binance Alpha 1.0, which was the bridge for Binance to connect on-chain liquidity, failed. The trading volume and number of users before the upgrade fell to a record low. The total daily trading volume of all tokens on Alpha was less than 10 million US dollars, and the number of daily transactions was less than 10,000 times, which was undoubtedly a huge gap compared with the volume of Binance Exchange. Not only did it fail to attract on-chain users and corresponding liquidity to the exchange, but it also had a negative impact on marketing.

由於Binance錢包的失敗，Binance Alpha 1.0是連接鍊鍊流動性的橋樑的橋樑，失敗了。升級之前的交易量和用戶數量下降到創紀錄的低點。 Alpha上所有令牌的每日總交易量少於1000萬美元，而且每日交易的數量少於10,000次，這無疑是巨大的差距，而差價卻是巨大的。它不僅無法吸引鏈上用戶，並與交易所相應的流動性，而且對營銷也產生了負面影響。

Therefore, Binance Alpha was upgraded to Binance Alpha 2.0 at the end of March. Alpha was directly integrated into the Binance APP. Unlike 1.0, which could only be accessed through the Binance Web3 wallet, after the upgrade, users can use the funds in the exchange to purchase Alpha tokens.

因此，Binance Alpha於3月底升級為Binance Alpha 2.0。 Alpha直接集成到Binance應用中。與只能通過Binance Web3錢包訪問的1.0不同，在升級之後，用戶可以使用交換中的資金購買Alpha代幣。

Failure to expand the scale of wallet users means that Binance's strategy of competing for on-chain liquidity through Binance Alpha as a bridge will not work, and it cannot attract liquidity while enhancing BSC's attention. In other words, when Binance's growth on the chain cannot form a natural positive cycle, it can only do the opposite, by injecting the flow in the exchange back into Alpha, so that Binance Alpha can achieve quantitative changes to attract market attention, complete qualitative changes under sufficient wealth effects, and completely become Binance's outpost for attracting on-chain liquidity, amplifying the presence of the BSC chain.

未能擴大錢包用戶的規模意味著，Binance通過Binance Alpha競爭鏈上流動性的策略是無效的，並且在提高BSC的注意力的同時無法吸引流動性。 In other words, when Binance's growth on the chain cannot form a natural positive cycle, it can only do the opposite, by injecting the flow in the exchange back into Alpha, so that Binance Alpha can achieve quantitative changes to attract market attention, complete qualitative changes under sufficient wealth effects, and completely become Binance's outpost for attracting on-chain liquidity, amplifying the presence of the BSC chain.

Waiting period without consensus confirmation: Alpha2.0’s low point before the “gunshot”

沒有共識確認的等待期：alpha2.0在“槍聲”之前的低點

This idea is reasonable, but it needs a major premise to work, that is, in a market with insufficient liquidity, to provide a consensus for the waiting funds to end, so as to trigger the market attention of Binance Alpha2.0. Without such a trigger, even if Alpha is upgraded to 2.0, from the data from the end of March to mid-April, whether it is the presentation of the order depth or the publicity of the wealth effect, it can only stimulate the market discussion heat within a short window of less than a week, and soon return to silence, and fall into a trough again in early April.

這個想法是合理的，但是它需要一個主要的前提才能工作，即在流動性不足的市場中為等待資金結束提供共識，以引起Binance Alpha2.0的市場關注。如果沒有這樣的觸發因素，即使從3月底到4月中旬的數據將Alpha升級到2.0，無論是呈現訂單深度還是財富效應的宣傳，它也只能在短暫的一周內刺激市場討論的熱量，並很快恢復到寂靜，並在4月初再次陷入困境。

Of course, this is not a failure of the Alpha2.0 upgrade or a strategic error, because in order to expand the scale of Alpha, that is, the total trading volume of Alpha, in addition to introducing liquidity from DEX, the only way is to inject liquidity from Binance's own exchange. The reason why 1.0 chose the former solution is that, on the one hand, this is a ready-made strategy of second-tier exchanges, and the market can quickly accept Binance's move; on the other hand, Binance's absolute confidence as a leading exchange is different from the starting point of second-tier exchanges. The latter regards the introduction of on-chain liquidity as the foundation or foundation, so they can achieve agile response in user experience or marketing response, while Binance's introduction of on-chain liquidity is more of a rainy day, not an urgent matter. Therefore, the poor experience of Binance Wallet and the sharp downturn in the market trend in Q1 made it difficult for Binance to quickly turn around and adjust, resulting in the collapse of Alpha1.0.

當然，這不是Alpha2.0升級或戰略錯誤的失敗，因為為了擴大Alpha的規模，即Alpha的總交易量，除了引入DEX的流動性外，唯一的方法是從Binance自身的交易所中註入流動性。 1.0之所以選擇以前的解決方案的原因是，一方面，這是一種現成的二級交流策略，市場可以迅速接受Binance的舉動。另一方面，Binance作為領先交流的絕對信心與二線交換的起點不同。後者將鏈上流動性的引入作為基礎或基礎，因此他們可以在用戶體驗或營銷反應中實現敏捷的反應，而Binance的引入鏈上流動性更像是下雨天，而不是緊急情況。因此，第1季度的Binance錢包和市場趨勢的急劇下滑經驗使Binance很難快速轉彎並進行調整，從而導致Alpha1.0的崩潰。

Therefore, it can be said that reverse injection of liquidity from exchanges is Binance's last resort and also the most powerful upgrade. However, judging from the Alpha2.0 data from March 20 to April 20, it can still be described as bleak. Why? Because even if the pipeline or path for injecting liquidity has been successfully built, the influx of liquidity still requires a signal, a gunshot. In the current desperate atmosphere of the crypto market where all narratives have been shattered, only Bitcoin can play the role of such a starting gun.

因此，可以說，從交流中反向注入流動性是Binance的最後一個度假勝地，也是最有力的升級。但是，從3月20日至4月20日的Alpha2.0數據來看，它仍然可以描述為黯淡。為什麼？因為即使已經成功地建立了注入流動性的管道或路徑，流動性的湧入仍然需要信號，槍聲。在當前所有敘述都破碎的加密貨幣市場的絕望氣氛中，只有比特幣才能發揮這種起步槍的作用。

Bitcoin signal is activated, Alpha2.0 trading ecology ushered in a turning point

比特幣信號被激活，alpha2.0交易生態學在轉折點迎來

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比特幣的價格與美國的宏觀經濟趨勢密切相關。為了使比特幣發展一個新市場，它還需要支持宏觀市場信心。在上一篇文章中，比特幣在一周內徘徊在85,000個，等待宏信心確認。因此，當市場深深地陷入對關稅和經濟衰退的雙重衝擊中，並受到90天的關稅冷卻時期的刺激，美國經濟的強勁表現以及中國美國談判進展的好消息，就出現了一個簡短的市場緩解週期。目前，無需考慮進一步惡化關稅的風險，衰退引起的風險規避也可以忽略。在下一個