The first sister personally intervenes to monitor the rules, with the listing of coins and alpha beginning to be systematically bound. This matter itself is worthy of high attention. For the entire market, this is not an emotional benefit, but a change in the game rules, especially directly reshaping the ecology of the alpha track.

Currently, the two key signals that have emerged are already sufficient to change the behavior patterns of project parties, with contract listings being strongly bound to alpha performance. To enter a contract, the premise is that the alpha phase must be clean and stable. The past practice of project parties dumping and cashing out during the alpha phase, then shorting their own plays on the contract side, has basically been cut off. This means that alpha is no longer a "pre-shipment zone," but is closer to a true value discovery phase, and is clearly more friendly to funds that accurately judge the rhythm.

The alpha margin mechanism has clearly tightened. Previously, the low alpha threshold and loose processes led to a large amount of flow funds taking advantage of opportunities to cash out, dumping immediately upon launch, quickly leaving after short-term bloodletting in conjunction with market makers. Under the new rules, not only has the margin significantly increased, but it is also necessary to meet hard indicators such as FDV over a longer period to be refunded. The trial and error costs and malicious costs for project parties have been significantly amplified, and low-quality projects have basically lost their arbitrage space.

The result of these two points is very direct; projects that can still choose to push alpha are likely to be teams that are genuinely prepared to work long-term and build market value; the overall performance of alpha projects recently has already verified this to a certain extent.

Essentially, this is an upgrade of rules that squeezes out "short-term arbitrageurs" and retains "long-term players."

For the market, alpha is migrating from a "high-risk gambling area" to a "relatively participatory early stage," the window period is opening, but it won't last long.

Will holding onto future alpha tokens yield more benefits than selling directly at the opening? #ALPHA $PAVE