Points and Alpha: The Evolution from Rewards Tools to Identification Building

In the Web3 ecosystem, points and Alpha mechanisms have evolved from simple rewards tools to important means of shaping user behavior and building identification. This transformation not only reflects changes in platform operation strategies but also embodies a profound change in the way users participate.

Evolution of the Points System

In the early days, points were primarily used for trading rebates, aimed at increasing trading volume. With the development of the industry, points gradually became linked to "opportunities", serving as tickets to participate in quality projects. This change transformed points from mere rewards into a tool for screening users.

The UNI airdrop of Uniswap marks a significant breakthrough in the concept of identification. Users are no longer just receiving short-term rewards, but are becoming participants in protocol governance. Points begin to carry the functions of ecological governance and community participation.

The veToken model of Curve further deepens this trend, allowing points to directly determine governance rights and ecological revenue distribution. The new generation of DEXs like Raydium embeds points into the core processes of project initiation and ecological construction.

Today, points have become a strategic tool for platforms to regulate user attention, asset flow, and ecological development. They are no longer just simple transaction incentives but an important component of ecological strategy.

Alienation and Collaboration of the Alpha Mechanism

Compared to the clear rules of points, Alpha drives user participation with vague but strong expectations. It is not necessarily tied to points, but often stimulates the strongest desire for participation.

The charm of Alpha lies in uncertainty. It is this ambiguity that encourages users to continue participating and keep their assets active. The early airdrop of Blur is a typical case, where users participated wildly despite the lack of clear rules.

Mainstream Alpha models include:

1. Narrative-driven: For example, zkSync and StarkNet rely on rumors of "possible airdrops" to stimulate participation.
2. Points-linked type: such as Binance Alpha Points, clearly linked to identification.
3. Behavior Capture Type: Such as LayerZero, covertly recording user behavior

However, the ambiguity of Alpha can also easily lead to issues such as short-term arbitrage and ineffective interactions. To address this, the platform has begun to explore a "points + Alpha" hybrid mechanism to achieve more precise control.

Points are used to regulate behavioral pathways, while Alpha creates ambiguous expectations. The combination of the two can avoid systemic abuse and stimulate long-term participation enthusiasm. Binance's Alpha Points employs this strategy.

More importantly, Alpha is transforming from mere rewards to a symbol of identification. Users participate not only for short-term airdrops, but also hope to be recognized as "ecosystem builders". This reflects the increasing importance of on-chain reputation and governance rights.

The Mechanism Integration of CEX and DEX

As the points and Alpha mechanism mature, the boundaries between CEX and DEX are becoming blurred. Both are moving towards building a more stable user participation system and ecological collaboration mechanisms.

CEX has started to introduce concepts such as on-chain behavior snapshots and wallet binding, building a user level and points growth path similar to DEX. It has also added a light governance module, such as user voting for listing coins.

The DEX introduces traditional CEX operational modules such as a points system, task structure, and phased airdrops. For example, Jupiter's LFG system adopts a typical CEX operational model.

User behavior has also changed. They no longer simply choose platforms, but rather choose mechanisms. The competition between platforms has shifted from competing for the number of users to competing in mechanism design capabilities.

Future Trend: Battle of Mechanisms

The future points system may become more complex, taking into account not only transaction volume but also multiple dimensions such as multi-chain interactions and ecological participation. Points will become a comprehensive assessment of the value of users by the ecosystem.

We have seen some signs: zkSync considers "average asset retention time", LayerZero records multi-chain participation, and on-chain identification protocols like Sismo are widely adopted.

In the future, a "trust network" that allows cross-ecosystem recognition may be formed, where a user's performance on one platform could affect their treatment on other platforms.

At the same time, regulatory pressure is also increasing. Platforms may adopt more ambiguous and restrained strategies to avoid potential compliance risks.

Ultimately, an effective mechanism will no longer be simply stimulating interaction, but rather designing a structure that encourages users to willingly participate long-term and collaboratively build. This mechanism will become the core of the ecological order.

Conclusion

Points and Alpha have evolved from simple rewards tools into key mechanisms for shaping user identification and ecological order. User participation is no longer just for short-term benefits, but for building an identity recognized by the ecosystem.

The competition between platforms has shifted from simply competing for users to who can build better participation structures and retain high-quality users. This battle of mechanisms marks the evolution of the Web3 ecosystem towards a more mature and orderly direction.