Recently, the crypto world has been filled with excessive attention on Alpha. Opening social platforms, discussions about Alpha are everywhere from morning to night, and some posts with no substantial content even frequently trend on the hot search lists, making the entire environment chaotic. It's worth pondering what the original intention of entering the crypto assets field actually is. Does spending every day figuring out how to earn points and drop trading friction really help you achieve your initial goals?

This phenomenon reminds people of fishing techniques—first, bait is thrown to attract the fish to gather, and when the fish get accustomed, the real bait is already hooked on the fishhook. To put it bluntly, the benefits of this behavior are even less than picking up bottles in the neighborhood; should participants maintain some self-respect?

The point system introduced by a certain exchange has the core purpose of retaining user funds. Looking back at the rumors from the end of last year: users of that exchange withdrew nearly half of their funds. This is not a baseless rumor, but a fact that actually occurred. At that time, the on-chain AI and meme coins surged, especially the Trump token, which pushed on-chain trading to its peak, leading to a massive outflow of funds from centralized exchanges and threatening lending businesses. Now, the exchange has successfully retained its funds through these means, only needing to occasionally offer some small benefits to maintain the situation. This "Alpha" is only beneficial to the exchange and large investors, while ordinary users are essentially being fooled.

If we really want to build a valuable Alpha ecosystem, it should support explosive growth projects, create several benchmarks with obvious wealth effects, and naturally attract on-chain users. Why bother designing a complicated points system? And some projects that have gone live now clearly lack the strength to pay for the spot listing fees; how could such cash-strapped projects be willing to invest funds to drive up prices?

Investing in the crypto world requires careful consideration. Don't be deceived by superficial "Alpha" hype; instead, you should return to assessing the intrinsic value of the project itself.