Golden Finance reports that according to the panel data of @ethan714Dune, in the Binance Alpha trading volume points activity, the number of users participating yesterday dropped significantly. Data shows that only 195,226 users participated in the activity yesterday, a sharp decrease of 30,000 compared with 225,894 users the previous day.
Since its launch in December 2024, Binance Alpha has been the focus of attention for cryptocurrency enthusiasts. As a token discovery platform launched by Binance, it integrates Pancakeswap on BNB Chain and other on-chain DEXs, providing a showcase stage for early-stage projects with growth potential. The platform also has an Alpha Points system to motivate users to actively participate. Users can obtain the opportunity to participate in exclusive Token generation activities (TGEs) and airdrops with points. After the Alpha points mechanism was launched on April 25th this year, the number of active traders in Binance Wallet soared by 58%, and the trading volume doubled to 118 million US dollars, which shows its strong promoting effect on user engagement.
As for the reason for the sharp drop in the number of users participating in this transaction, there is no official explanation yet. Some market analysts speculate that it might be related to the weakened appeal of recent platform activities. Previously, the airdrop activities and early-stage project investment opportunities of Binance Alpha attracted a large number of users to actively participate in order to obtain potential returns. However, as time went by, the performance of some projects failed to meet expectations, which dampened the enthusiasm of some users. The overall uncertainty of the cryptocurrency market, such as the weak trend of Bitcoin’s price after breaking through key levels, may also cause investors to wait and see temporarily and reduce their participation in early-stage project trading platforms with higher risks like Binance Alpha.
The significant decline in the number of Binance Alpha users may have a certain impact on the subsequent development of the platform. On the one hand, the relatively low user engagement may affect the promotion effect of the new project on the platform and the scale of fundraising. For those blockchain projects that expect to obtain early funds and market attention through Binance Alpha, the decrease in users means fewer potential investors, and the support intensity in the early stage of project development may be greatly discounted. Fluctuations in the number of users may also affect the platform’s influence and competitiveness in the cryptocurrency trading field. In the highly competitive cryptocurrency trading market, if Binance Alpha fails to take timely measures to stabilize or enhance user engagement, it may lose market share to other emerging trading platforms.
How Binance Alpha will deal with this situation in the future and whether it will introduce new incentive measures to attract users to return are awaited by all market parties. Jinse Finance will also continue to follow up and report.
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