FG峰哥论币

$CATE isn't really discussed much in the Chinese-speaking region—why?

#dusk $DUSK @Dusk Last night I pulled out @Dusk’s whitepaper again, focusing specifically on the sections on blind bids (Blind Bid) and succinct attestations (Succinct Attestation)—I kept going back and rereading them several times. Suddenly it dawned on me that ZK is no longer just about anonymous transfers. It’s trying to hard-wire compliance and privacy directly into the consensus layer.

I think the design is pretty brilliant. Imagine an auction taking place in a soundproofed room with glass walls: you stake DUSK to get bidding eligibility. The system uses cryptographic proofs to demonstrate you’re authorized to bid, but no one knows who you are. In the end, the highest bidder gets the right to record the ledger. $DUSK here plays three roles at once—ticket, chips, and Gas fees all in one.

But when I got to the economic model section, I couldn’t help raising a few doubts. Large holders naturally have an advantage: the more coins you have, the easier it is to keep winning the right to record the ledger and to capture issuance rewards. On top of that, governance allows tuning parameters, and over time, could this “compliance privacy” turn into a private black box for big holders? When the ideal of decentralization meets institutional capital, it’s hard to say who ends up influencing whom.

And then there’s the NPEX collaboration. The full loop from listing to settlement for SME equity is definitely a tough nut to crack. Atomic settlement compresses T+1 to nearly real time, which looks great. But immediate settlement also means the buyer must have the full funds ready up front; without netting buffers, market makers’ willingness to quote prices will likely be discounted. And if something goes wrong, the irreversible nature of on-chain execution makes it even more troublesome.

Now, on the official website, partners like NPEX and Chainlink are listed in a long lineup, which certainly looks impressive. But if you dig a bit deeper, Dusk Trade is still sitting on the waitlist, and EVM and Hedger are still on the testnets, while what runs on the mainnet is still only a demo. “Intention” is one thing—until real money is involved, and existing customers aren’t actually live users on-chain.

Right now, I’m not concerned about how many logos are on the website. I’m watching three numbers instead: the actual on-chain asset proportions, the trading volume and the price spread after Dusk Trade goes live, and the Gas share of non–token-issuing contracts on the mainnet. Only once these data come out will we truly know if anything has progressed; otherwise, no matter how many collaboration announcements you make, it’s just PPT.

Before that, I only trust the on-chain browser.

$Cattle dung (bull market) is here, 4x reached, guys—are you getting on the train?

#dusk $DUSK @Dusk I’ve held this for $DUSK three years now, and the people around me keep asking why I won’t let go. Recently, a friend brought up the “slow bleed” again, urging me to cut losses, and I just smiled. He’s the kind of person who takes screenshots when it’s up and swears when it’s down—I know him too well. It’s basically a snapshot of market sentiment. But honestly, when I entered the game, it wasn’t to chase some short-term hot trend.

Now RWA is all the rage, but if you dig in carefully, how many actually have what it takes for institutions to feel comfortable using? There are really only two key bottlenecks: protecting commercial secrets, and clearing the regulatory hurdles across different countries. @Dusk has been embedding zero-knowledge proofs and selective disclosure into the underlying layer since 2018, taking a different route. After the mainnet launched in January this year, the upper layer became compatible with EVM, so Solidity developers can build right away; the lower layer is the zero-knowledge settlement layer. The modular design lets institutions benefit from on-chain efficiency without sacrificing privacy and compliance.

More importantly, look at execution. The partnership with the Dutch-licensed exchange NPEX has moved into a substantive stage, with over €300 million worth of tokenized securities being pushed on-chain. NPEX already has an EU license, and with Quantoz’s compliant euro stablecoin EURQ, the infrastructure is taking shape. The collaboration with Chainlink addresses cross-chain value transfer. Public data shows that NPEX has helped more than 100 SMEs raise over €200 million, connecting 17,500 investors—these are all verifiable.

That said, I won’t treat partnership announcements as proof that the business is already running smoothly. I still don’t see enough consistent trading volume on-chain. The real test is actual transaction volume, progress on the first batch of assets, the correspondence between legal rights and on-chain records, and secondary liquidity. The demand for $DUSK ultimately comes from Gas and network security across issuance, trading, and settlement—not from the mere three letters “RWA.”

Technically, Succinct Attestation’s PoS, BLS aggregated signatures, and deterministic finality are a must-have for financial settlement. The modular architecture separates settlement from execution, lowering the full-node threshold; the Kadcast broadcast is also more bandwidth-efficient. Compared with other privacy projects, Dusk is currently moving more solidly by working directly within EU frameworks like MiCA and the DLT Pilot Regime. The token serves as both a staked asset and Gas, and the staking rate has already passed 30%.

Of course there are risks. It takes a long time for institutions to go from pilots to scaling, and regulation as well as competing products could affect the pace. But what I’m betting on isn’t the price over one or two quarters—it’s whether privacy and compliance can truly shake hands. #dusk

August 22nd — #ALPHA airdrop announcement!

📅 Today’s Airdrop

This week’s two airdrops are already scheduled. As usual, they’re already gone—time to rest!

Alpha Trading Tournament Update:

1. DOS
Current price: 0.2498, up 8 points over the past 24 hours, trading volume: 12.81M. Total trading volume: 401M. Yesterday it was only 199M. The prize pool distributed 143 DOS, roughly 35U, with 5 days remaining.

2. KII
Price: 0.0667, up 2.79%, trading volume: 66.84M. Total trading volume: 810M. Prize pool: 616 KII, equivalent to 41U, with 4 days remaining.

3. APR
Biggest mover today—up 18.17%, current price: 0.2182. Trading volume: 2.98M. Total trading volume: 54.97M. Prize pool: 106 APR, about 23U, with 7 days remaining.

4. KGEN
Price: 0.1930, up 4%, trading volume: about 0.26M. Total trading volume: only 1.02M. Prize pool: 295 KGEN, about 56.9U, with 6 days remaining.

5. GWEI
Price: 0.0246, up 12.71%, trading volume: 8.43M. Total trading volume: 9.75M. Prize pool: 2200 GWEI, about 54U, with 7 days remaining.

Today’s Trading Suggestions:

Recommended for “grinding points”: GRVT (7-day) and DOS (18-day). Use 200–500U per cycle. The market has been pretty tight lately—don’t come in swinging all-in right away. Before placing trades, study the K-line trend more, find the right rhythm, then make your move.

Same as always: Binance Wallet. My invite code FFFAAA—if you haven’t used it yet, fill it in now to save 30% on fees. Whether you’re “feeding the dog” or farming Alpha, the system credits automatically. Every cent you save is your survival capital. See the steps in the image. #空投大毛

When I looked at the data from @TermMax recently, my first instinct wasn’t to get excited over that TVL number—it was to dig in and see what’s hiding in the less noticeable corners.

First, let’s talk about TVL. The official figure says it’s over 90 million, while DeFiLlama reports about 31 million. Differences in methodology like this are completely normal. But if we’re talking about the people who actually put money in, what matters more to me is: does the pool I’m going into have enough depth? The issue with fixed-term products is that liquidity gets fragmented across different assets and different maturity dates. Even if the total pot is large, if I put in 50k or 100k, will the rate jump immediately? If the market moves, will slippage suddenly widen? And if I want to withdraw a large amount, can the order book handle it? Those are the truly life-or-death factors. Now they’ve added more variations like Dual Investment and Call/Put—product lines are richer, but the transparency at the execution level doesn’t seem to have kept up. Fixed interest rates solve the uncertainty around rates, but if exit costs are unstable, the risk is just wearing a different mask.

Next, let’s talk about Vault design. On the surface, it feels hassle-free: standardized shares, a Curator handling rebalancing, a Guardian acting as a backstop, and idle funds can go earn yield on other protocols. But “less manual work” doesn’t mean “less judgment.” Returns depend on the Curator’s skill. Withdrawals may need to queue, and if a physical settlement is triggered at maturity, it’s not impossible that you’ll be handed a pile of collateral directly. The “fixed income” shown on the page only makes the loan cash flows fixed—it doesn’t lock in the net value, time profile, and the final form.

Finally, let’s talk about future potential. V2 supports order placement across the entire market, and the Dashboard unifies multi-chain positions. Composable Base Yield also lets capital that’s waiting to be matched continue earning. And if Smart Unwind rolls out, this won’t be just lending anymore—it’ll look more like a bond market on-chain. But all of that is still on the way. So before TGE, the three things I most want to see are: real-world test data—slippage, depth, and exit cost under actual positions. That’s the confidence you need to dare to deploy a large position. #TermMax

$牛来 hits a new high, completely missed the sale!

#dusk $DUSK @Dusk Research$DUSK During this time, I’ve been increasingly feeling that summarizing it with just the words “privacy chain” is a bit too narrow.

First, the positioning: when I first looked at @Dusk, I really noticed that attention was all on privacy. But once you dig deeper along the Dusk Trade, you find that what it truly wants to chew through is the whole tough block of issuing, trading, and settling regulated financial assets.

Next, the core issue: in a securities transaction, there are two parallel tracks—asset delivery on one side, and funds payment on the other. The hard part isn’t whether the trade can happen, but whether these two things can be coordinated to complete under the same set of rules. Dusk puts investor onboarding, trading, payment, and settlement into a single workflow, and the underlying layer relies on DuskDS for deterministic settlement. The official messaging also clearly says it supports DvP and atomic settlement. This leads to a very concrete question: if the securities display that the trade was executed, but the assets and funds are not actually delivered and settled, does that transaction count as finished? Viewed from this angle, the word “settlement” carries a different weight.

On the technical architecture, it’s fairly straightforward: DuskDS handles consensus and deterministic settlement; DuskVM runs native contracts (Rust/WASM); and DuskEVM is compatible with Solidity to make it easier for Ethereum developers to migrate. Further up the stack, Phoenix uses ZK for transaction privacy, Moonlight manages public accounts, and XSC handles compliance and permission control for confidential securities.

Then let’s talk about the current state and my concerns: recently, the DuskEVM testnet went live, and developers can deploy using Solidity and Hardhat directly—tooling reuse is definitely a good thing. But what I care about more is exactly how the privacy boundary is drawn. Under standard EVM semantics, contract storage is readable by default—so does privacy live at the settlement layer, or does it require developers to proactively invoke privacy modules? In institutional business, this cannot be ambiguous. It makes sense commercially: DuskEVM grows the number of developers, and DuskVM preserves native privacy. But for users, it adds one more decision point.

So what I’m paying attention to now isn’t how fast settlement is, but how both sides can stay consistent when assets and funds change at the same time. And also, how well the real network actually runs—these might be the ongoing questions worth asking once on-chain securities truly enter the financial market.

August 21st, #ALPHA Airdrop Announcement!

📅 Today’s Airdrop

Still zero. No surprise raid yesterday either—shouldn’t we get it scheduled today?

Alpha 24H Trading Competition Standings:

First place: DOS. Current price: 0.2314. 24-hour trading volume: 10.95M U. Down 8.34%. FDV: 231M U. Today’s limit orders filled: 1.04M; yesterday: 137M—completely cooled off. Total volume is 202M. 19 days left until it ends, and the rewards window still has 6 days left. In the front, 143 DOS are sitting there—roughly a small prize of about 33 U.

Second place: KII. Price: 0.0648. Trading volume: 83.58M U. Down 7.27%. FDV: 117M U. Today’s limit orders: 800K; yesterday: 273M—another massive drop. Total trading volume: 654M. 23 days left. Rewards are only 5 days remaining. 616 KII for roughly 40 U.

Third place: APR. Price: 0.1857. Volume: 2.37M. Down 5.6%. FDV: 186M U. Today’s limit orders: 67K; yesterday: 1.49M—still cold. Total volume: 24.9M. Rewards window has 13 hours left. 106 APR for roughly 19.7 U.

Fourth place: POWER has already ended. Price: 0.0923. Volume: 900K—actually up 3.58%. FDV: 92.34M U. Today’s limit orders: 624; yesterday: 19.68M—basically “zeroed out” with a sharp shrink in volume. Total volume: 427M. The 625 POWER rewards, about 57.7 U each, have already been settled.

Today’s Trading Suggestions:

GRVT has 8 days left, KII has 23 days left—do small rebuys of 300–500 U. The market feels a bit “rough” lately, so before you start, keep a close eye on the K-line charts—don’t go in stubbornly.

Also, about the Binance wallet: my invite code FFFAAA—if you haven’t used it yet, fill it in now to save 30% on fees. Whether you’re “hunting the dog” or刷 Alpha, the system credits automatically. Every cent you save is your survival capital. The specific steps are shown in the image. #空投大毛

$牛来 effective breakthrough 70 million in market cap. If you got in at the time when I first called the trade, you’d already be up 20x.

I’m not trying to say I’m awesome. Mainly, I want to say: don’t wait until after the coin launches an alpha on Binance before chasing—buy on-chain in advance. Binance Wallet is very smooth to use, and there’s also a trading fee discount. So you can buy on-chain, capture outsized returns, and also save on fees. Why not?

My invitation code is FFFAAA. Get 30% off trading fees. Whether you’re chasing Dog or trading Alpha, the system will credit it automatically—see the steps in the screenshot below. #牛市布局

Before DeFi lending in @TermMax , I only recognize USDC and ETH—everything else I won’t touch. It’s not that I don’t want to diversify; it’s just that I basically have no choice. I hold Ondo’s tokenized stock backed by NVIDIA (NVDA) and wanted to add a bit of leverage. I searched through mainstream protocols, but none of them would accept it.

It felt even more frustrating than missing out—my assets just sat there collecting dust while I could do nothing.

Until @TermMax launched on BNB Chain and supported using Ondo tokenized stocks as collateral, I finally moved this position into DeFi. Not for trading—directly as collateral to borrow liquidity.

Its logic is completely the opposite of what I’d seen before. Previously, you had to sell the stock first, convert it to tokens, and then use that as collateral. This one simply accepts the stock position. The loan is split into three parts: FT is a discounted bond—you buy it at a lower price, it’s redeemed at face value at maturity, and the difference is the fixed interest; XT is responsible for balancing—1FT + 1XT always equals 1 dollar; GT is an NFT that locks the collateral and the debt. When you deposit Ondo stocks, the protocol automatically packages them into GT, and when you sell FT you receive USDC. Lenders buy FT to earn the interest, while I use the borrowed funds.

Interest rates are set via range order pricing—like Uniswap V3’s range orders. When both sides’ orders match on the order book, the interest rate gets locked.

But once I calm down and think about it, the real thing to watch isn’t just a few extra percentage points on interest. Each market clearly states the maturity date, MLTV, and LLTV. When the interest rate is成交, it’s locked—but the collateral price is still moving. If the LTV hits the LLTV, liquidation happens as usual. If you don’t repay at maturity, there’s also a two-hour grace window, and there’s a 10% penalty on the debt. On the lender’s side, the fixed yield isn’t paid unconditionally—if liquidation fails, it could trigger physical delivery, and what you receive may not be the asset you expected.

Now when I evaluate a position, I have to keep three sets of books: fixed financing costs, the ongoing collateral safety buffer, and the repayment liquidity before maturity. Fixed interest rates only remove interest-rate drift—price volatility, liquidation penalties, and term mismatches are still all there.

Treating “costs being predictable” as “outcomes being guaranteed” means you end up overlooking the page where the most concentrated risk lives. #TermMax

Damn, my $牛来 order got sold. I just put it up casually at the time, and I didn’t expect it could sell at this price.

$牛来 Awesome!

#dusk $DUSK @Dusk Last night, I chatted idly with Old Zhou, and we talked about @Dusk’s dual-virtual-machine architecture. He said, “Piecrust runs privacy contracts, and DuskEVM is compatible with Solidity.” I was skeptical, but when I got home I went through the whitepaper, staring at that architecture diagram for a long time.

Honestly, it doesn’t follow the pure-EVM bandwagon—that part is pretty distinctive. Piecrust is a native ZK virtual machine written in Rust and WASM; from the instruction set to the state model, everything revolves around verifiable computation. DuskEVM, on the other hand, provides an entry point for Solidity, so existing Ethereum contracts can be migrated at low cost. If you’ve written privacy contracts before, you’d understand why this step is indeed earlier than many projects.

But on closer inspection, you have to stay calm. Piecrust uses the Poseidon hash; verification can be compressed down to the millisecond level. Yet the audit reports openly spell out sandbox aliases, deserialization, and overflow risks. Even Dusk admits that Piecrust doesn’t “understand” zero-knowledge deeply enough yet—it needs the Rusk VM to make up for it. DuskEVM compatibility is definitely compelling, but the official documentation is very blunt: natively it only supports public transactions; privacy features have to go through the Hedger, and Hedger is still in Alpha. The mainnet is up, but full privacy will have to wait.

I also looked into the Kadcast network layer. It’s not just “adding bandwidth”; it computes routing paths based on XOR distance. Nodes maintain routing buckets and distribute them level by level, using less bandwidth than Gossip. Regular stakers don’t need dedicated lines to participate, but once practical issues like routing-table freshness and node uptime/offline come into play, performance is likely to be discounted.

I think the real hurdle for institutions going on-chain isn’t TPS—it’s that pair of eyes on the public ledger. Traditional finance can’t run its cards in the open. Dusk separates verification from disclosure by using ZK and homomorphic encryption: nodes can confirm that the rules are followed, but they can’t see the specific path or identity. This kind of “controlled visibility” really aligns with institutional needs. After RWA, the game probably won’t be about who gets assets on-chain first, but who can keep institutions confident enough to retain liquidity. What $DUSK is anchored to, is exactly this long-term proposition.

August 20th, #ALPHA Airdrop announcement!

📅 Today’s airdrop

No announcement for now. There’s still a bit left this week—later on, see whether there’s a surprise raid in the afternoon.

Binance Alpha 24H Trading Competition

1st place: KII. 24-hour trading volume is over 83.70 million. The price is hovering around 0.07, up 1.18%. Total competition volume so far: 380 million. Reward: 616 KII, roughly 43U.

2nd place: DOS. Price 0.25. Up 5.31% in 24H. Trading volume: 20.16 million. Total competition volume: over 65 million, with 7 days remaining.

3rd place: POWER. Total competition volume: 400 million. Reward: 625 POWER, roughly 55U. Price: 0.0887, up 1.81%, with 12 hours remaining.

4th place: APR. Volume 1.81 million, down 0.63%. Price: 0.195. Total competition volume: 23.34 million, with 2 days remaining.

Today’s trading suggestions:

GRVT: 9 days remaining. Do small buys in multiple batches (300–500U). But this coin has been a bit tricky lately—before you start, make sure you take a careful look at the K-line. Don’t go in headstrong and rush.

Lastly, Binance Wallet: My referral code FFFAAA hasn’t been used yet—if you haven’t filled it in, do it now to save 30% on trading fees. Whether you’re “hitting dogs” or farming Alpha, the system credits it automatically. Every saved dollar is your survival capital. The exact steps are shown in the image. #空投大毛

$BTC This powerful stretching turns out to be because of this?

On the 25th of #termmax @TermMax 8, TermMax is finally set to go live officially. Brothers who’ve been doing tasks along the way—remember to set your alarms.

Honestly, I used to be pretty skeptical about fixed-rate lending. The old-timers in the circle all know this—we’re all used to floating-rate setups, and at most we use forward contracts to hedge once in a while. Who would really lock money into a fixed interest rate? So when @TermMax first started to show up, I even made a bet with a friend that this project would pivot to floating rates within six months. Turns out I got slapped a bit. Then I recently looked at the data, and it pretty much froze me: daily active addresses are steady around 4,000, and on Token Terminal its ranking even surpasses Morpho. Back in March, it surged to second place—right behind Aave. The official roadmap says TVL passed 100 million in May, and I checked DeFiLlama as a quick sanity check, and real-time it’s only around 32 million. Those numbers don’t match, which makes me a little uneasy—but with the user base and the momentum it has, I can’t really argue.

At its core, this is a lending AMM. It basically takes Uniswap V3’s design and tweaks it: one debt position is split into three parts. FT is like a zero-coupon bond—you buy it at a discount, redeem for face value at maturity, and the interest is locked in end to end. XT is just the “difference filler”: 1 FT plus 1 XT always equals 1 debt token, and XT goes to zero at maturity. GT is the most interesting—it’s directly structured as an NFT, bundling collateral and debt together, making one-click leverage possible. Borrowers mint FT by locking collateral and sell it for funds. Lenders buy FT to receive the fixed interest. The interest rate is determined purely by range orders matching on the market—so the market calls the shots.

Liquidations are pretty straightforward too: if LTV exceeds the limit or it isn’t repaid at maturity, you get a two-hour window. The liquidator takes a 5% reward, and the borrower gets hit with a 10% penalty. If nobody intervenes, it settles via physical delivery: the collateral is transferred directly to the lender.

What surprised me most is that it even supports Ondo’s tokenized stock setup as collateral. I used to hold an NVDA position and wanted to add a bit of leverage—Aave and Morpho wouldn’t accept it, so I could only stare blankly. Now you can deposit it directly and borrow against it to unlock liquidity. The trust layer is a little longer than fully on-chain assets, but at least the door has been opened.

Now we just wait for the TGE, and see whether FT, XT, and GT can all build up their depth at the same time. If trading can be genuinely smooth, then maybe this fixed-rate lane really can run and make a name for itself.

#dusk $DUSK @Dusk After staying up late and scrolling on Twitter, I saw @Dusk. To be honest, I’ve stepped into multiple traps in the privacy public chain space—too many projects in the early rounds used privacy as a gimmick, and in the end they all turned into empty shells. But $DUSK ’s entry point made me take a closer look.

Instead of chasing after the usual things like wrapping US Treasuries and BTC into standardized assets, it targets non-standard instruments like private bond offerings and supply-chain receivables—real demand from institutions that don’t want the counterparty to keep an eye on their large positions. Government bonds rely on transparent pricing premiums; forcing privacy in is redundant. With non-standard assets, pricing and strategy are the real business secrets—without privacy, institutions wouldn’t dare to put them on-chain.

On the technical side, the Hedger module uses zero-knowledge proofs for default privacy plus permissioned disclosure. The direction aligns well with the EU’s MiCA. DuskEVM is directly compatible with Solidity, so developers don’t need to rewrite everything, making cold-start much friendlier. NPEX used it to raise tokenized securities financing of €300 million; Quantoz issued the EURQ stablecoin. The scale may be small, but at least there’s real business running—not just telling a story.

I checked their GitHub, and the Phoenix note refactor in April was pretty interesting: they split the spend circuit into two separate proofs. They trade a bit of gas for graded visibility. The public panel only shows the fee; the amount and payee are hashed, so outsiders can’t tell who transferred how much. The official wallet uses a client-derived view key to reconstruct transaction history locally—no server, no backdoor.

This logic is called “controllable but not transparent”: audit rights stay with the holder. If you want to show someone, you can give them the view key; if you don’t, no one can pry it open. It fits on-chain securities, dark pool–type scenarios. But the current reality is that it pleases neither side—compliance thinks it’s not transparent enough, while pure privacy advocates think it’s overkill.

Then look at Zedger: it embeds KYC, investor eligibility, and transfer restrictions directly into the contract, and uses a Sparse Merkle-Segment Trie stored in private accounts. Compliance is automatically blocked before the transaction, not handled by after-the-fact manual work. The XSC standard targets dividends and voting from tokenized bonds and fund assets. What it truly wants to solve is turning regulatory rules into default on-chain capabilities, not an external add-on.

So far, at least #dusk hasn’t copied a standard answer sheet, and it hasn’t left behind a centralized backdoor either. Working with the licensed Dutch entity NPEX to build DuskTrade is the direction I’ll be watching next. Whether it’s worth boarding is another question—but at least this time the logic holds together, not blind guessing.

August 19th: #ALPHA AIRDROP announcement!

📅 Today’s Airdrop

Currently it’s showing zero. So far this week, none have been scheduled—normally today should have been arranged.

Alpha 24H Trading Contest data:

1st place DOS, price 0.2376, up 7.55% in 24 hours, total trading volume has reached 73.6 billion, and the reward pool has 13 hours left.

2nd KII, price 0.0687, down 4.69%, total trading volume around 95.4 million, and 7 days left.

3rd POWER, price 0.0872, slightly up 1.33%, total trading volume 377 million, and 2 days left.

4th APR, price 0.2021, up 9.87%, total trading volume 22.52 million, and 3 days left.

5th QUID, price 0.0649, down 2.91%, total trading volume 1.21 million, and 13 hours left.

Today’s operation recommendation: (Token points ×4 for tokens launching within 30 days)

Recommended approach: rack up points via exchange limit orders—GRVT has 10 days left.

As usual, here’s the Binance Wallet reminder: my invite code FFFAAA—if you haven’t used it yet, fill it in now to save 30% on trading fees. Whether you’re farming Dogs or farming Alpha, the system will automatically credit it. Every saved cent is your survival capital. The specific steps are shown in the image.#空投大毛

$牛来 How come Binance listing #alpha went down instead? What’s going on? Now going to Alpha is a negative?

I don’t believe it!