Author: Scof, ChainCatcher

Editor: TB, ChainCatcher

Recently, the food delivery market has suddenly become lively.

JD.com is making moves, Alibaba is entering the fray, and Meituan is responding, marking the start of a three-way battle. We can see promotions like "Free Milk Tea," "Hundred Billion Subsidies," and "30-Minute Delivery" popping up one after another, but the underlying logic is not complicated: by binding users through high-frequency consumption scenarios (food delivery), they are building a foundation for their instant retail businesses.

This is very similar to the fierce competition among exchanges in the crypto space. Binance's Alpha points system is the most typical example, with point-based new listings, airdrop rankings, and trading rankings—essentially, it is a "subsidy war" in the digital asset field. The competition is not for new users, but for users' attention, trading behavior, and loyalty.

Other exchanges are not idle either. Bybit quickly launched a staking version of the Alpha points airdrop, mirroring Binance's approach in an attempt to capture the same pool of highly active users; OKX announced a million-dollar airdrop plan.

This is a typical game of existing market share.

Alpha Points Reach New Heights, Ordinary Users Marginalized

The popularity of the Alpha sector continues to rise. On May 5, Binance Alpha's trading volume surpassed $274 million, with daily transactions exceeding one million for the first time. The key to this surge in data is the continuously rising threshold for "Alpha points."

Data Source: Dune, @Pandajackson

In the initial phase, 50 points might have been enough to qualify for an airdrop. However, the latest round has seen the threshold soar to 142 points, requiring nearly 10 points daily over the past 15 days, corresponding to a trading volume of $1,024. Many ordinary players feel caught off guard.

Crypto KOL Xia Xueyi stated that he lost over $10,000 in a month and still "doesn't qualify." Under this mechanism, only continuously active, high-frequency trading whales and studios can maintain competitive points.

Meanwhile, although Binance has introduced consolation prizes like "UID Last Digit X Lucky Airdrop," the actual appeal to true retail users is limited. A large portion of the subsidies ultimately flows to institutional users and score-farming teams.

This is very similar to the "coupon hunters" in the food delivery war: they flock to new platforms for short-term subsidies, but once the price advantage disappears, most will return to the platforms they are familiar with and trust.

Binance's Open Strategy: Designing Rules, Creating Traffic

Looking at the strategy behind the Alpha points system: the Stakestone project allocated 5% of tokens for IDO, 1.5% for main site airdrops, and 3.93% to reward old users, totaling 10.43% of the tokens. These tokens, when priced at $0.06, could create over $5 million in potential selling pressure, and at their peak, nearly $9 million.

However, the project team did not choose to sell immediately but instead guided trading volume and maintained price stability to ultimately meet the "listing requirements" on Binance's main site. This is not a simple market behavior but a "cooperative game with algorithms."

In other words, exchanges do not wait for projects to grow naturally; they design a set of "if you want to list, you must dance to my rhythm" admission system. Alpha points filter users, trading volume filters project teams, and price performance filters market cap management capabilities.

This ultimately completes a closed loop: traffic comes in, data looks good, trading volume surges, and the platform wins.

Who Are the Winners? Who Can Hold On?

The war between exchanges is actually similar to that of food delivery platforms: burning money to attract users, subsidizing to seize market share, and creating traffic peaks. But for users, what remains after the excitement? Many are struggling to earn points in the Alpha points system, losing money to qualify, only to find they missed out on airdrops and new listings, merely adding bricks to the platform's data.

Platforms can repeatedly change their strategies, but users' choices are always grounded in reality. Many will switch platforms for short-term subsidies, but once the price advantage disappears and the rules become complicated, most will return to the places they are familiar with. Subsidies can only bring traffic; they cannot retain trust.

This also raises a practical question: Alpha is defined as a place to "incubate quality projects," but projects listed do not always perform ideally. Some projects start high and drop low, struggling to enter the spot market on Binance, viewed by users as "temporary project zones." Over time, will this frequent occurrence of low-quality listings damage Alpha's reputation and even affect users' confidence in the entire Binance listing system?

From a broader perspective, does the crypto world still have an "incremental market"? If everything has turned into a battle for existing market share, what will ultimately measure the value of users?

In this era of existing market competition, exchanges need users' loyalty and behavior; users need the platform's trust and long-term returns. If this relationship begins to tilt, that would be a greater cost than missing an airdrop.

The food delivery war at least offers a cup of "free milk tea," so many users hope the subsidy battle can last a bit longer to save some money. Similarly, seeing Binance, OKX, and Bybit take turns competing for users, users also expect other exchanges to ramp up their efforts—don't just make users "work for points," but genuinely provide benefits, turning competition into a positive game for users.

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