Binance Alpha的興起：從模因硬幣出口窗口到加密市場中最具影響力的結構機制

Binance Alpha已就項目派對，硬幣收集圈子，零售投資者和其他圈子的價值達成共識。

Author:Kaori

作者：Kaori

Binance Alpha has formed a consensus on value among project parties, coin-collecting circles, retail investors and other circles. Projects "pay" to Alpha, and coin-collecting parties do KYC in batches to start a new round of coin-collecting journey, while retail investors make profits by manipulating point limits, lucky tail numbers and transaction wear and tear.

Binance Alpha已就項目派對，硬幣收集圈子，零售投資者和其他圈子的價值達成共識。向Alpha的項目“付款”，而收集的聚會則批量進行KYC，以開始一輪收集的回合旅程，而零售投資者通過操縱點限制，幸運的尾巴數量和交易磨損和撕裂來賺取利潤。

From the very beginning, Alpha was the best exit window for meme coins, to the first few rounds of "violent money giveaways" in Alpha2.0, to the introduction of a points system to screen users and token issuers to line up for Alpha, Binance has gradually regained the traffic and pricing power of the on-chain market. Behind all this is Binance's ambition to reorganize the ecosystem through liquidity discourse power on the asset side after being left behind by OKX on the product side.

從一開始，Alpha是Meme硬幣的最佳出口窗口，到Alpha2.0中的前幾輪“暴力貨幣贈品”，並引入了一個積分系統，以篩選用戶和標記發行人來排隊為Alpha排隊，Binance逐漸恢復了跨鏈市場的交通和定價能力。這一切的背後是Binance的野心，即通過OKX在產品方面留下後，通過資產方面的流動性話語能力重組生態系統。

150 days have passed, and Binance Alpha has evolved from a wallet function into the most influential structural mechanism in the entire crypto market.

150天已經過去了，Binance Alpha已從錢包功能演變為整個加密貨幣市場中最具影響力的結構機制。

What has Alpha done in these 5 months?

阿爾法在這5個月中做了什麼？

In 2024, the crypto market ushered in a bull market boom under the dual stimulation of the approval of Bitcoin spot ETF and the meme craze. However, under the appearance of liquidity recovery, a deeper problem is that the pricing mechanism between the primary market and the secondary market is gradually failing. VC project valuations are inflated, the project issuance cycle is repeatedly extended, the user participation threshold is constantly raised, and the final listing window often becomes the end point for the project party and early investors to collectively cash out, leaving retail investors with only a mess.

2024年，加密貨幣市場在對比特幣斑點ETF和模因熱潮的雙重刺激下迎來了牛市的繁榮。但是，在流動性恢復的出現下，一個更深層的問題是，主要市場與二級市場之間的定價機制逐漸失敗。風險投資項目估值被誇大了，項目發行週期反复延長，用戶參與門檻不斷提高，最終的上市窗口通常成為項目黨和早期投資者集體兌現的終點，使零售投資者只有一團糟。

It is in this context that Binance launched Binance Alpha on December 17, 2024. At first, it was just an experimental function in the Binance Web3 wallet for discovering high-quality projects, but it quickly evolved into Binance's core tool for reconstructing pricing power in the on-chain market.

正是在這種情況下，Binance於2024年12月17日推出了Binance Alpha。首先，它只是用於發現高質量項目的Binance Web3錢包中的一個實驗功能，但它迅速發展成為Binance的核心工具，用於重建車上市場的定價能力。

In a Space post responding to community disputes, Binance co-founder He Yi admitted that Binance's listing of coins had the problem of "peaking at the opening", and frankly stated that the traditional listing mechanism is no longer sustainable under the current volume and regulatory constraints. Binance has also used mechanisms such as voting for listing and Dutch auctions to constrain the price performance of new coins after listing, but the results have always been unsatisfactory.

在應對社區糾紛的太空帖子中，Binance聯合創始人他承認，Binance的硬幣清單的問題是“開幕式達到頂峰”，坦率地說，在當前的數量和監管限制下，傳統的上市機制不再可持續。 Binance還使用了諸如投票列表和荷蘭拍賣之類的機制來限制上市後新硬幣的價格性能，但結果始終不令人滿意。

Therefore, Alpha listing became a strategic alternative within the controllable range of Binance at that stage.

因此，在該階段的可控二元範圍內，alpha上市成為一種戰略替代方案。

"Put these hot projects in the market in Binance Alpha. Projects in the observation area are not guaranteed to be listed on Binance. A project can only generate income and profits, and only then can it share the benefits with users, if it is beneficial to society." He Yi made such a promise in Space.

“將這些熱門項目放在Binance Alpha的市場上。觀察區域的項目不能保證在二元上列出。一個項目只能產生收入和利潤，只有這樣，如果它對社會有益，它才能與用戶分享利益。”他在太空中做出了諾言。

On December 18, Binance Alpha announced the first batch of project lists. As of February 13, Binance Alpha has launched more than 80 tokens from ecosystems such as BSC, Solana, and Base, mainly meme and AI tokens. However, the market did not reduce the criticism of VC coins that fell at the opening as Binance expected, and the launch of Alpha became the expected last stop for meme coins.

12月18日，Binance Alpha宣布了第一批項目列表。截至2月13日，Binance Alpha已從BSC，Solana和Base等生態系統（主要是MEME和AI代幣）上推出了80多個令牌。但是，市場並沒有減少對Binance預期在開幕式的VC硬幣的批評，而Alpha的推出成為了Meme Coins的預期最後一站。

It was not until early February 2025 that the BSC ecosystem opened up the channel between Alpha and traffic, starting with the test coin TST. It was also from that period that Alpha began to launch non-meme tokens, such as ONDO, MORPHO, AERO, etc.

直到2025年2月上旬，BSC生態系統才從測試硬幣TST開始開放Alpha和交通之間的渠道。從那時起，Alpha也開始推出非魔法令牌，例如Ondo，Morpho，Aero等。

In March, due to the closure of OKX DEX, Binance Wallet launched Binance Alpha 2.0 at this time. By integrating Binance Alpha directly into CEX, users can directly use funds in the exchange to trade Alpha tokens. As a result, Binance Wallet's trading volume and active users surpassed in one fell swoop, accounting for 80% of the trading volume of crypto wallets, becoming the steepest part of the growth curve of wallet products.

3月，由於OKX DEX關閉，Binance錢包目前推出了Binance Alpha 2.0。通過將Binance Alpha直接集成到CEX中，用戶可以直接在交換中使用資金來交易Alpha代幣。結果，Binance Wallet的交易量和活躍的用戶一口氣超過了，佔加密錢包交易量的80％，成為錢包產品增長曲線的最陡峭部分。

At the same time, Binance's screening criteria for Alpha users are also constantly evolving. Since the initial "task-based points system" is no longer sufficient to form an effective distinction, the platform quickly introduced systems such as lucky tail numbers and points consumption to stimulate more frequent interactions. This mechanism takes into account the continuity and differentiation of user participation, and also provides project parties with a relatively accurate airdrop target group.

同時，Binance針對Alpha用戶的篩選標準也在不斷發展。由於最初的“基於任務的點系統”不足以形成有效的區別，因此該平台迅速引入了諸如Lucky Tail數字和點消耗之類的系統以刺激更頻繁的相互作用。該機制考慮了用戶參與的連續性和差異化，還為項目各方提供了相對準確的空調目標組。

The project party is no longer hesitant

項目聚會不再猶豫

Since the launch of the Alpha mechanism, the choices facing project owners have changed.

自Alpha機制啟動以來，項目所有者面臨的選擇發生了變化。

Faced with the high uncertainty of the main site listing window, the cashing pressure of the on-chain community, and the inverted valuation on VC books, more and more teams are beginning to realize that if they want to gain market attention and liquidity support, it may not be enough to just tell stories, maintain the community, or wait for the traditional listing process.

面對主站點上市窗口的高度不確定性，鏈上社區的兌現壓力以及VC書籍上的倒數估值，越來越多的團隊開始意識到，如果他們想獲得市場的關注和流動性支持，那麼這可能不足以講述故事，維持社區或等待傳統的上市過程。

Rather than continuing to waste time on a route where the results cannot be measured, it is better to actively adapt to the new paradigm brought by Alpha

而不是繼續浪費時間在無法衡量結果的路線上，而是積極適應Alpha帶來的新範式是最好的