Recently, Binance Alpha - a feature in Binance Wallet that introduces early-stage crypto projects - has introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity in the Binance Alpha ecosystem.
This new scoring feature has attracted the attention of airdrop hunters and significantly increased trading volume on Binance Alpha. However, Binance Alpha Points has caused mixed reactions.
Binance Alpha's Daily Trading Volume Exceeds 330 Million USD
Data from Dune shows that trading volume on Binance Alpha has surged after Binance announced Alpha Points on 04/25.
By 05/07, trading volume on Binance Alpha exceeded 330 million USD. On 05/05 and 05/07, the platform recorded over 1 million transactions per day. The cumulative total trading volume has now surpassed 2.8 billion USD, with nearly 117 million transactions.
Binance Alpha's Volume and Transactions. Source: Dune.This achievement reflects the strong appeal of the Alpha Points feature. Many users are actively trading to accumulate points and increase their chances of receiving an airdrop.
Meanwhile, Binance has been announcing new projects on Binance Alpha more frequently.
How Are Investors Reacting to the Binance Alpha Points Initiative?
Wonnie, founder of MBMweb3, is an enthusiastic supporter of the Binance Alpha program. In a post on X, Wonnie describes the program as a "golden opportunity" for users to participate before it becomes overwhelmed.
He shared his strategy for earning 15 points daily. He holds assets worth over 100,000 USD, which gives him 4 points, and trades over 2,048 USD daily, earning 11 points.
Wonnie emphasizes that the daily cost to maintain this activity is around 1 USD in gas fees, indicating the program's strong profit potential.
"Binance Alpha is still a golden opportunity. Track your points. Minimize costs. And receive your rewards while the rewards are flowing," Wonnie said.
However, not all investors share Wonnie's optimism. Many have criticized Binance Alpha, calling it a "mining scheme".
A major point of contention is that Alpha Points only count activity from the past 15 days. Users cannot accumulate points long-term, forcing them to trade continuously to maintain their points, creating significant financial pressure.
Moreover, the requirements for receiving rewards are becoming increasingly stringent. Initially, users only needed 45 points to receive the AIOT airdrop. But currently, Binance requires 150 points to be eligible for the SXT airdrop.
Based on Binance's calculation method, users must trade up to 131,072 USD to earn 17 points.
This has led to users paying transaction fees but still not earning enough points to qualify for the airdrop. Some users even reach the required point threshold but do not pass the risk assessment, so they do not receive the airdrop.
"Binance Alpha - a plan to make you lose money without realizing it... Binance seems completely greedy. Whenever they offer you something, trust me - they're taking more from you indirectly," investor Abhi criticized.
Despite these concerns, the number of projects introduced on Binance Alpha continues to increase. According to CoinMarketCap, over 140 projects have been listed on Binance Alpha.
Nine of these projects have conducted airdrops through the Alpha Points system.
