Binance Alpha1.0的失败以及战略转向Alpha2.0

由于Binance钱包的失败，Binance Alpha 1.0是连接链链流动性的桥梁的桥梁，失败了。

Author: Kevin, the Researcher at Movemaker

作者：Movemaker的研究员Kevin

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

Binance Alpha1.0的失败以及战略转向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.

由于Binance钱包的失败，Binance Alpha 1.0是连接链链流动性的桥梁的桥梁，失败了。升级之前的交易量和用户数量下降到创纪录的低点。 Alpha上所有令牌的每日总交易量少于1000万美元，而且每日交易的数量少于10,000次，这无疑是巨大的差距，而差价却是巨大的。它不仅无法吸引链上用户，并与交易所相应的流动性，而且对营销也产生了负面影响。

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于3月底升级为Binance Alpha 2.0。 Alpha直接集成到Binance应用中。与只能通过Binance Web3钱包访问的1.0不同，在升级之后，用户可以使用交换中的资金购买Alpha代币。

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.

未能扩大钱包用户的规模意味着，Binance通过Binance Alpha竞争链上流动性的策略是无效的，并且在提高BSC的注意力的同时无法吸引流动性。 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”

没有共识确认的等待期：alpha2.0在“枪声”之前的低点

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.

这个想法是合理的，但是它需要一个主要的前提才能工作，即在流动性不足的市场中为等待资金结束提供共识，以引起Binance Alpha2.0的市场关注。如果没有这样的触发因素，即使从3月底到4月中旬的数据将Alpha升级到2.0，无论是呈现订单深度还是财富效应的宣传，它也只能在短暂的一周内刺激市场讨论的热量，并很快恢复到寂静，并在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.

当然，这不是Alpha2.0升级或战略错误的失败，因为为了扩大Alpha的规模，即Alpha的总交易量，除了引入DEX的流动性外，唯一的方法是从Binance自身的交易所中注入流动性。 1.0之所以选择以前的解决方案的原因是，一方面，这是一种现成的二级交流策略，市场可以迅速接受Binance的举动。另一方面，Binance作为领先交流的绝对信心与二线交换的起点不同。后者将链上流动性的引入作为基础或基础，因此他们可以在用户体验或营销反应中实现敏捷的反应，而Binance的引入链上流动性更像是下雨天，而不是紧急情况。因此，第1季度的Binance钱包和市场趋势的急剧下滑经验使Binance很难快速转弯并进行调整，从而导致Alpha1.0的崩溃。

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，可以说，从交流中反向注入流动性是Binance的最后一个度假胜地，也是最有力的升级。但是，从3月20日至4月20日的Alpha2.0数据来看，它仍然可以描述为黯淡。为什么？因为即使已经成功地建立了注入流动性的管道或路径，流动性的涌入仍然需要信号，枪声。在当前所有叙述都破碎的加密货币市场的绝望气氛中，只有比特币才能发挥这种起步枪的作用。

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

比特币信号被激活，alpha2.0交易生态学在转折点迎来

The price of Bitcoin is closely linked to the macroeconomic trend of the United States. For Bitcoin to develop a new market, it also needs the support of macro market confidence. In the previous article, Bitcoin has been hovering around 85,000 for a week, waiting for macro confidence confirmation. Therefore, when the market is deeply trapped in the fear of the double punch of tariffs and recession, and stimulated by the 90-day tariff cooling-off period, the strong performance of the US economy, and the good news of progress in Sino-US negotiations, a short market easing cycle appears. At present, there is no need to consider the risk of further deterioration of tariffs, and the risk aversion caused by recession can also be ignored. In the next

比特币的价格与美国的宏观经济趋势密切相关。为了使比特币发展一个新市场，它还需要支持宏观市场信心。在上一篇文章中，比特币在一周内徘徊在85,000个，等待宏信心确认。因此，当市场深深地陷入对关税和经济衰退的双重冲击中，并受到90天的关税冷却时期的刺激，美国经济的强劲表现以及中国美国谈判进展的好消息，就出现了一个简短的市场缓解周期。目前，无需考虑进一步恶化关税的风险，衰退引起的风险规避也可以忽略。在下一个