On December 17, 2024, Binance announced the launch of Binance Alpha to bring transparency to the token selection process for listing on Binance. So what is Binance Alpha? How do you use this feature? Learn how to access Binance Alpha below.
What is Binance Alpha?
Binance Alpha is a feature on the Binance Wallet web3 application that allows users to discover tokens that have the potential to be listed on the Binance exchange. The purpose of this feature is to bring transparency to the token listing process and attract more users to the Binance Wallet product.
According to the team, Binance Alpha will announce the first 5 projects on December 18, 2024, and the next 5 projects on December 19th.
How to Access Binance Alpha
Here are the steps to participate in Binance Alpha:
Step 1: Register a Binance Account
To receive a promotional offer of 100 USDT in trading fee discounts, users can register an account using the link below:
Note: After downloading and successfully registering a Binance account, users need to complete KYC verification.
See more: Guide to registering and completing KYC for a Binance account.
Step 2: On the home screen, select “Wallet” at the bottom of the screen.
Step 3: Then, switch to the “Web3” tab at the top.
Step 4: Select “Markets” at the bottom. Finally, choose “Alpha” to view the tokens.
Benefits of Binance Alpha
Some believe that Binance Alpha is a tool that helps them predict “the next token to be listed on Binance”. When a token gets listed on Binance, the market capitalization and value of these tokens tend to increase. For example, the VELO token, before being listed, had a price of $0.13 USD, and after listing, it increased to $0.27 USD
This happens with almost every token about to be listed on Binance. Therefore, some investors can use Binance Alpha to predict and “buy in advance” on tokens about to be listed.
Besides the positive reactions, some individuals still consider Binance Alpha a double-edged sword. Initially, projects before listing on Binance tend to move sideways and then increase sharply once listed. But if projects have already experienced strong growth by the time they appear on Binance Alpha, will they continue to grow after being listed on Binance?
On December 17, 2024, Binance made a mistaken announcement about the first 5 tokens listed on Binance Alpha. As a result, these 5 tokens experienced significant growth, such as RIF, whose market capitalization increased from $43 million to $73 million. Although it was just a misinformation incident, it also proves that tokens can grow significantly if listed on Binance Alpha.
However, users should do their own thorough research, as not all tokens on Binance Alpha may be listed on the Binance exchange
