Points and Alpha: A Double-Edged Sword for Web3 User Rise

With the development of the Web3 ecosystem, points and Alpha mechanisms have evolved from simple reward tools to complex user management systems. This evolution not only reflects a change in platform operational strategies but also embodies a profound shift in user participation.

1. Evolution of the Point Mechanism: From Simple Rebates to Ecological Regulation

Early points systems mainly relied on trading rebates, with a simple goal - to increase trading volume. However, this approach struggled to retain long-term users. As platforms like Binance began linking points to eligibility for quality projects, points started to become a tool for user selection.

The DEX ecosystem has gone further. Uniswap's UNI airdrop combines points with governance rights, while Curve's veToken model allows points to directly influence the distribution of ecological income. Points have shifted from trading incentives to ecological strategic weapons, becoming a key tool for platforms to regulate user behavior and allocate resources.

2. Alpha Mechanism: Enthusiasm Created by Ambiguity

Unlike clear point rules, Alpha stimulates user participation enthusiasm with its ambiguity. Even without explicit promises, users are willing to stay active, anticipating potential rewards that may come.

The Alpha mechanism can be roughly divided into three categories:

1. Narrative-driven: Such as zkSync, triggering interactions solely through airdrop rumors.
2. Points Linked Type: For example, Binance Alpha Points, clearly binding points with airdrop eligibility.
3. Behavior Capture Type: such as LayerZero, secretly recording user behavior

However, the excessive use of Alpha also brings risks, such as issues like wash trading and invalid interactions. Therefore, the platform has begun to explore a hybrid mechanism of points and Alpha to achieve more refined user management.

3. Dual-Track Drive: The Synergistic Effect of Points and Alpha

The combination of points and Alpha provides the platform with powerful user control capabilities:

• Points provide clear rules to guide user behavior
• Alpha creates ambiguous expectations, stimulating sustained enthusiasm for participation.

This dual-track mechanism not only optimizes user selection but also enhances the platform's control over the ecological rhythm. Users are no longer acting solely for short-term rewards, but to build "on-chain identity" and gain long-term recognition.

4. The Blurred Boundaries Between CEX and DEX

With the evolution of mechanisms, CEX and DEX have begun to learn from each other in terms of operational strategies:

• CEX introduces on-chain behavior recognition, light governance, and other DEX features.
• DEX adopts a points system, task structure, and other common methods used by CEX.

Users no longer simply choose a platform, but rather the mechanism. The competition between platforms has shifted from the number of users to a contest of mechanism design capabilities.

V. Future Outlook: Cross-Platform Identity and Compliance Challenges

The future points system may evolve into a cross-ecosystem "trust network," where user behavior on one platform could affect their treatment on other platforms. At the same time, regulatory pressure is also increasing, requiring platforms to be more cautious when designing incentive mechanisms.

The truly effective mechanism will no longer be simple stimulation of interaction, but rather a design that encourages users to participate long-term and co-build an ecological structure.

Conclusion

In the Web3 world, points and Alpha are no longer just simple reward tools, but are the core mechanisms for shaping user identity and building ecological order. Users participate not only to receive rewards but also to build their own on-chain identity. The competition between platforms has shifted from merely a battle for user numbers to who can design a more attractive and sustainable ecosystem.