Recently, Binance Alpha, a feature within a Binance Wallet that introduces early stage cryptographic projects, has introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.
This new scoring feature attracted a wave of interest from the airdrop hunters, and has significantly boosted Binance Alpha’s trading volume. However, the Binance Alpha points caused a mixing reaction.
Binance Alpha’s daily volume exceeds $330 million
Dune’s data shows Binance Alpha trading volume has skyrocketed after Binance announced its Alpha Points on April 25th.
By May 7th, Binance Alpha’s trading volume was over $330 million. On May 5th and May 7th, the platform recorded over 1 million transactions per day. The total accumulated transaction volume currently exceeds $2.8 billion, with nearly 117 million transactions being made.
Binance Alpha volumes and transactions. Source: Dune.
This achievement reflects the strong appeal of the Alpha Point feature. More users are actively trading to increase their chances of accumulating points and receiving airdrops.
At the same time, Binance is publishing new projects lists for Binance Alpha more frequently.
How are investors responding to the Binance Alpha Points initiative?
Wonnie, founder of MBMWeb3, is a vocal supporter of the Binance Alpha program. In X’s post, Wonnie described the program “Golden Window” for users to join before they get overcrowded.
He shared his strategy of scoring 15 points a day. He holds assets of over $100,000, giving four points, trading over $2,048 each day, earning 11 points.
Wonnie emphasized that the daily cost of maintaining this activity is around $1 in gasoline fees, highlighting the program’s potential for strong profits.
“Binance Alpha is still a golden window. We track your scores. Minimize your costs.
However, not all investors share Winnie’s optimism. Many people criticize the Binance Alpha and call it an “extraction scheme.”
One of the main points of the controversy is that the alpha points only count activities over the last 15 days. Users cannot accumulate long-term points, and force them to continue trading to maintain their score, creating great financial pressure.
Furthermore, compensation requirements are becoming increasingly strict. Initially, users only needed 45 points to receive AIOT AirDrop. But now, Binance is asking for 150 points to qualify for the SXT Airdrop.
Based on how Binance calculates, users will need to trade up to $131,072 to earn 17 points.
This led users to pay a transaction fee, but still not earning enough points to qualify for airdrop. Some users may reach the required point threshold, but fail to receive an airdrop as risk assessment fails.
“Binance Alpha – a scheme that rekts you without realizing… Binance looks totally greedy. Whenever they offer you something, trust me.
Despite these concerns, the number of projects featured on Binance Alpha continues to grow. According to Coinmarketcap, there are over 140 projects listed on Binance Alpha.
Nine of these projects implemented AirDrops via the Alpha Points system.
