Binance has launched Alpha 2.0, and I believe it will have a significant impact on Binance and the entire crypto sphere, changing the landscape of on-chain tracks. Let me share my views.

Let me briefly explain the content of Alpha 2.0.

1) Users can directly purchase on-chain tokens on the Binance trading platform without having to withdraw assets to an external wallet or create an on-chain wallet.

2) Users can use funds from their Binance spot, margin, and other accounts to purchase Alpha tokens.

It is clear that the core point is that Binance's main site allows for convenient and quick purchases of Alpha tokens without needing to transfer to a wallet, incur any gas fees, or copy contract addresses.

1 On-chain transaction users will increase by more than 10 times.

You may not believe it, but despite it being 2025, the proportion of users on-chain is still not large. Have you heard of the concept of a sales funnel? Each step has a certain conversion rate. Similarly, on-chain transactions still go through multiple steps. In 2020, when on-chain DeFi was popular, it required downloading a wallet address, remembering private and public keys, withdrawing from the wallet, and trading on a DEX. In recent years, the improvement of abstract wallets and exchange Web3 wallets has greatly simplified the process. However, taking Binance Wallet as an example, it still requires creating a wallet (which is easier), withdrawing assets from the exchange, and other steps.

How many people have been blocked by such operations? Binance's exchange has 250 million registered users, while according to Artemis, the total number of active wallet addresses across all chains is only 16.1 million. If we exclude wallets belonging to the same person across different chains, this number is even smaller. Thus, on-chain users account for only about 5% to 10% of exchange users.

And now, users can directly purchase Alpha tokens on Binance, which means the number of on-chain users will expand by more than 10 times. Purchasing power will also increase by at least 10 times.

2 Binance is fully embracing on-chain assets

It is evident that Binance is fully embracing on-chain assets and finding a way to achieve a dimensional reduction strike.

Currently, the leading players in on-chain transactions are GMGN and OKX wallets, which have accumulated rich experience and provide good user experience and reputation. In comparison, Binance's Web3 wallet is not as competitive. It may not be that the wallet teams are not working hard, but rather that the competitors set off early and have left them behind.

From a business perspective, to defeat WeChat, you don't just need to create a 'big letter' that offers a better experience than WeChat, but rather you need to create a Douyin. Similarly, if Binance wants to overtake in the on-chain trading space, it needs a completely new approach. I believe Alpha 2.0 is the right posture found, bridging on-chain and off-chain, allowing all exchange users to directly purchase on-chain tokens.

3 Future Pattern Changes

1) Alpha 2.0 will trigger changes in the entire on-chain trading landscape.

Of course, this is not bad news for GMGN and OKX wallets; their potential impact is not large. Alpha 2.0 brings incremental users to on-chain, just like Douyin and WeChat can both become giants. Moreover, GMGN and OKX users can trade all on-chain tokens, especially newly launched ones. Alpha is selective, similar to Moonshot, where the number of tokens is limited but carefully chosen.

2) The token issuance strategies of project parties will also change accordingly.

As we all know, the road to directly listing on Binance has always been very crowded. Now, a new path has opened up, which is to go through Binance Alpha. Because now Alpha also reaches all users of Binance, possessing enormous potential purchasing power. For those project parties with good product quality but without a strong background, they can first issue on-chain, build a good community, and have a high probability of getting onto Alpha.

In fact, the road from Alpha to Binance's main site is also smooth. Taking Shell and BMT as examples, they first conducted exclusive TGEs in the Binance wallet and did IDOs. Then they moved to Binance Alpha, followed by Binance contracts and Binance's main site. These two projects are clear signals from Binance to everyone.

This is a huge benefit for retail investors, as many project parties will first conduct TGEs on-chain, allowing them to buy quality tokens at low prices.

In summary, the impact of Alpha 2.0 is enormous, not only a significant measure for Binance but also of great importance to on-chain trading and project parties. It is a big benefit for us retail investors.