Binance Alpha 2.0 Shatters Records with $435.8 Million Trading Volume

On May 10, 2025, Binance Alpha 2.0, a platform spotlighting early-stage Web3 projects, recorded an unprecedented trading volume of $435.8 million, setting a new all-time high, according to data from the @pandajackson42 Dune dashboard. The surge, propelled by the platform’s Alpha Points system and robust market activity, highlights Binance Alpha’s growing influence in the Web3 ecosystem, with ZKJ, B2, and SKYAI emerging as top performers.

Unpacking the Trading Volume Surge

Binance Alpha 2.0’s trading volume has skyrocketed since early April 2025, when daily volumes hovered around $1 million. By April 29, volumes reached $216 million, climbing to $276 million on May 5 and peaking at $332.5 million on May 7, before hitting $435.8 million on May 11. This represents an over 430-fold increase from April’s baseline, driven by heightened user engagement and liquidity on the BNB Smart Chain (BSC).

Leading the charge were three standout projects:

ZKJ ($132.6M): PolyHedra is a Web3 interoperability infrastructure leveraging zero-knowledge proof systems to enable scalable middlewares, including ZK-NFT containers, DAO/DAC systems, and decentralized identities. Launched in 2023 and listed on Binance Alpha on May 7, 2025, its token, ZKJ, currently has a $620 million market cap. Its ability to facilitate cross-chain interactions with low gas fees has drawn significant trader interest.

B2 ($26.29M): B² Network is an EVM-compatible rollup using zero-knowledge proof verification on the Bitcoin blockchain, recording rollup data and zk-proof commitments for enhanced security. Launched in 2024 and added to Binance Alpha futures on April 30, 2025, its token, B2, hit a 24-hour volume of $6.2 million post-listing. Its 18.4% volume share reflects strong demand for Bitcoin-based scaling solutions.

SKYAI ($45.5M): SkyAI is a decentralized AI-Web3 integration platform enabling AI agents to operate across blockchain networks with privacy and efficiency. Listed on Binance Alpha on April 22, SkyAI’s token SKYAI has a $45.5 million market cap and trades on LBank and PancakeSwap with low slippage. Its $65.0 million daily volume highlights interest in AI-driven blockchain applications.

The Alpha Points System: A Catalyst for Engagement

The volume boom is primarily driven by the Binance Alpha Points system, launched on April 24, 2025, to incentivize token generation events (TGEs) and airdrops. Points are calculated based on a 15-day average of asset balances and Alpha token trades. The thresholds for participating in Binance’s Token Generation Events (TGEs) and securing airdrops have been steadily increasing. The first TGE after the Alpha Points system launch, AIOT’s TGE, required 45 points. The threshold for B2’s TGE rose to 82 points, while MYX Finance’s TGE demanded 142 points. By May 12, 2025, Binance’s latest PUFFER airdrop activity set a participation threshold of 186 points. Additionally, Binance will introduce an Alpha Points consumption mechanism on May 13, 2025, under which a certain number of Alpha Points will be deducted when users successfully participate in TGEs or claim airdrops.

Market Context and Community Sentiment

The trading boom aligns with a bullish crypto market. As of press time, Bitcoin hovered near $104,300, up 10.1% in the past week, and Ethereum rose 39.4% in the past week to $2,547.20, according to CoinMarketCap. These gains reflect broad market confidence, amplified by Binance Alpha’s rewards-driven model.

The Binance Alpha Points system has faced criticism for its escalating thresholds and complex rules. As the points consumption mechanism launches and thresholds rise, traders must optimize strategies to secure TGE and airdrop rewards. There’s no denying that the Alpha Points system has significantly boosted attention and trading volume for tokens listed on Binance Alpha. Data from Dune reveals that after Binance introduced the points system, trading volumes for Binance Alpha-listed tokens generally increased, with newly listed tokens particularly favored due to heightened visibility. Through a series of recent initiatives, Binance Wallet has successfully attracted substantial capital and engagement.

Looking ahead, with Binance’s upcoming Alpha Points consumption mechanism, investors may increasingly weigh a project’s potential, prospects, and existing trading momentum when deciding to participate in TGEs or airdrops. This could channel the significant, highly active capital amassed by Binance Wallet toward projects with genuine potential.