Binance Alpha的兴起：从模因硬币出口窗口到加密市场中最具影响力的结构机制

Binance Alpha已就项目派对，硬币收集圈子，零售投资者和其他圈子的价值达成共识。

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已就项目派对，硬币收集圈子，零售投资者和其他圈子的价值达成共识。向Alpha的项目“付款”，而收集的聚会则批量进行KYC，以开始一轮收集的回合旅程，而零售投资者通过操纵点限制，幸运的尾巴数量和交易磨损和撕裂来赚取利润。

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.

从一开始，Alpha是Meme硬币的最佳出口窗口，到Alpha2.0中的前几轮“暴力货币赠品”，并引入了一个积分系统，以筛选用户和标记发行人来排队为Alpha排队，Binance逐渐恢复了跨链市场的交通和定价能力。这一切的背后是Binance的野心，即通过OKX在产品方面留下后，通过资产方面的流动性话语能力重组生态系统。

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天已经过去了，Binance Alpha已从钱包功能演变为整个加密货币市场中最具影响力的结构机制。

What has Alpha done in these 5 months?

阿尔法在这5个月中做了什么？

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，加密货币市场在对比特币斑点ETF和模因热潮的双重刺激下迎来了牛市的繁荣。但是，在流动性恢复的出现下，一个更深层的问题是，主要市场与二级市场之间的定价机制逐渐失败。风险投资项目估值被夸大了，项目发行周期反复扩展，用户参与门槛不断提高，最终的上市窗口通常成为项目党和早期投资者集体兑现的终点，使零售投资者只有一团糟。

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.

正是在这种情况下，Binance于2024年12月17日推出了Binance Alpha。首先，它只是用于发现高质量项目的Binance Web3钱包中的一个实验功能，但它迅速发展成为Binance的核心工具，用于重建车上市场的定价能力。

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.

在应对社区纠纷的太空帖子中，Binance联合创始人他承认，Binance的硬币清单的问题是“开幕式达到顶峰”，坦率地说，在当前的数量和监管限制下，传统的上市机制不再可持续。 Binance还使用了诸如投票列表和荷兰拍卖之类的机制来限制上市后新硬币的价格性能，但结果始终不令人满意。

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

因此，在该阶段的可控二元范围内，alpha上市成为一种战略替代方案。

"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.

“将这些热门项目放在Binance Alpha的市场上。观察区域的项目不能保证在二元上列出。一个项目只能产生收入和利润，只有这样，如果它对社会有益，它才能与用户分享利益。”他在太空中做出了诺言。

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宣布了第一批项目列表。截至2月13日，Binance Alpha已从BSC，Solana和Base等生态系统（主要是MEME和AI代币）上推出了80多个令牌。但是，市场并没有减少对Binance预期在开幕式的VC硬币的批评，而Alpha的推出成为了Meme Coins的预期最后一站。

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生态系统才从测试硬币TST开始开放Alpha和交通之间的渠道。从那时起，Alpha也开始推出非魔法令牌，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，由于OKX DEX关闭，Binance钱包目前推出了Binance Alpha 2.0。通过将Binance Alpha直接集成到CEX中，用户可以直接在交换中使用资金来交易Alpha代币。结果，Binance Wallet的交易量和活跃的用户一口气超过了，占加密钱包交易量的80％，成为钱包产品增长曲线的最陡峭部分。

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.

同时，Binance针对Alpha用户的筛选标准也在不断发展。由于最初的“基于任务的点系统”不足以形成有效的区别，因此该平台迅速引入了诸如Lucky Tail数字和点消耗之类的系统以刺激更频繁的相互作用。该机制考虑了用户参与的连续性和差异化，还为项目各方提供了相对准确的空调目标组。

The project party is no longer hesitant

项目聚会不再犹豫

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

自Alpha机制启动以来，项目所有者面临的选择发生了变化。

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.

面对主站点上市窗口的高度不确定性，链上社区的兑现压力以及VC书籍上的倒数估值，越来越多的团队开始意识到，如果他们想获得市场的关注和流动性支持，那么这可能不足以讲述故事，维持社区或等待传统上市过程。

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

而不是继续浪费时间在无法衡量结果的路线上，而是积极适应Alpha带来的新范式是最好的