BNB is a debt, not an asset, representing historical credit redemption, with no value anchor (if there were one, it would be the ability to harvest air coins). It is merely a platform's credit debt. Binance Alpha is a debt issuance and conversion tool, not a wealth creation opportunity. Alpha points are a centralized accounting virtual points, an "BNB" that is not on-chain. The core value lies in two points: 1. Stratifying various project parties in the market, countering Solana's model of issuing on-chain, creating bubbles on-chain, and cashing out on CEX, draining user assets on CEX. This is why they first launch perps with an alpha label, then introduce IDO mode to hierarchically manage projects, facilitating better exploitation and taxation, and better controlling capital flow velocity. It is said that projects listed on spot require buying 5 million BNB to be locked for half a year, which is likely a way of not charging listing fees but collecting rent through other means. 2. Taking away the benefits of BNB holders, distributing part to the market, and guiding the market to not only hold and trade BNB, but also increase capital flow velocity, even if it's a false prosperity. It seems like fighting the rich to help the poor, with the central authority weakening local gentry, but in reality, it's a re-centralization of power above rules and systems, making project parties and users directly pay for old debts. Binance Alpha is a structured exploitation. It artificially creates internal competition and stratification between project parties and users, making everyone pay tribute to BNB and Binance itself, yet never touching real assets like BTC. Understanding Binance's essence and the leadership's cash-out needs, in this cycle, Binance is not a financial technology platform, but a hub for debt transfer. BNB's market value is merely the scale of liabilities, and Alpha is the latest debt transfer device. Binance's entrepreneurial journey ended long ago, and the debt conversion path began with the leadership's release from prison.

@thecryptoskanda

The goal to be accomplished is the story, the end itself, not the path. The purpose is to turn the virtual value of bnb into real value and turn it into cash in your pocket.

You can say that, BNB itself is a dividend splitting plate anyway But this also applies to every public chain, including Sol and Sui. The classic three-plate itself is the art of "exploitation", but retail investors don't care, because the retail investors' game point is that they can get a share of the volatility and liquidity created in this process, which has achieved the goal Financial entrepreneurship is essentially a Ponzi credit expansion, and debt repayment is not a stage, but the main plot of each stage

So we need to pursue early and charming scams, as well as the batting moment before Davis's double hit. is mediocre, and has no participation value, but the design path of this system is worth studying and learning. Barring any surprises, a new divine plate is about to emerge on , one that deviates from the system.