Defi_Ag

After Alpha, when the next Beta, Delta, and Gamma arrive, will you still be able to enter early enough to catch them? Binance Alpha has a milestone significance in the crypto world, the breaking-the-circle effect has truly reached its peak. Whether it's the old investors who have accompanied us all the way, the veteran traders, or the newcomers who just entered the market, let's take a look at the iterative process of Alpha. Some are written based on my memory and subjective feelings, and some of the timelines may not be very accurate. Feel free to point out any errors in the comments section.
Alpha's previous life: Actually, I feel that if we trace Binance Alpha, it can be traced back to the intensive new token offerings on Binance from January to April 2025. Due to compliance issues, tokens can no longer be launched as they were on Launchpad, and many small but refined projects chose to launch on Pancake. During this period, the representative tokens included: SHELL, BMT, BR, PARTI, KILO, etc. The format was still in the form of oversubscription, with personal pledges of 3 BNB. Initially, there was a profit of 400 USDT from the new offerings, but as the influx of players increased, the profits from later rounds were gradually diluted, still roughly around 100 to 200 USDT.

Each little fox wallet on every device needs to reach 1000 points to unlock level 2 to receive the Linea airdrop. So consider the 1000 points threshold as the basic threshold. Brothers just copy the homework, it won't cost more than 3U, the tutorial is as follows (make sure to properly set up the ladder throughout):
Step 1: Download and install the little fox, create or import a wallet and fill in the referral code: 【C6ANN8】 to get an initial 500 points. If you haven't completed this step, refer to the previous post: 小狐狸钱包下载指南帖

Step 2: Copy the wallet address created or imported from MetaMask for backup.

The emergence of Plasma has, to some extent, changed the ecological division of labor of the entire cryptocurrency network. Traditional general-purpose public chains (such as Ethereum, BSC, Solana) are not designed for high-frequency payment scenarios; they often need to leave space for smart contracts and wide applications. Therefore, they appear inefficient or costly in payment scenarios: Ethereum's gas fees fluctuate greatly, and a small stablecoin transfer can sometimes cost dozens of dollars; the Solana ecosystem is very decentralized with high switching costs; BSC relies on Binance's centralized control, which also brings trust issues. More importantly, while Tron, as a payment chain, has low fees and fast speeds, it suffers controversies over centralization due to the DPoS consensus having only 27 super nodes, making it difficult to attract a large number of institutional users. In summary, the existing ecology has not truly solved the demand for "low-cost, high-security stablecoin payments."

After running in the wave of altcoins for many years, I have seen countless projects. Some shine brightly during bull markets and quietly retreat during bear markets. Dusk Network (now referred to as Dusk) follows a trajectory of 'quiet rise.' Looking back to the end of 2018, when most were debating which blockchain would be the next hundredfold beast, the founding team of Dusk quietly started during the most difficult times of the bear market. In the crypto world, there was a prevailing strategy of 'celebrating once on board,' and many people at the time could not understand this path. Some complained, 'Why not pump? Why not hype?' They, however, did not respond, focusing solely on their work. Looking back today, it is precisely this kind of 'quiet dedication' that has created Dusk's seemingly bottomless moat.

Recently, I have been paying attention to a new trending "stablecoin-specific public chain" — Plasma Network (XPL). The global stablecoin market is no longer small-scale: it has been reported that by 2026, the total market value of global stablecoins will exceed $250 billion, with an annual transaction volume reaching $3.5 trillion (about twice that of Visa). Many enterprises are betting on stablecoin applications, and stablecoins have evolved from a "niche tool" in the crypto world to a global payment infrastructure. In this wave, various stablecoin public chains are competing to emerge: Circle's Arc focuses on institutional payments, Stripe-backed Tempo is in testing, and a project named Stable is also on the rise. As the first Layer-1 public chain focused on stablecoins, Plasma announced upon its mainnet launch that it aims to become the "settlement layer of stablecoin fundamentals." Seeing this news, I feel both excited and somewhat cautious.

Reflecting on the past of the encryption industry, there are always those who are keen on chasing the performance rankings of public chains or speculating for profits, but what truly connects Web3 with the real world are often those projects that sincerely serve the needs of traditional businesses. Vanar Chain is precisely based on this core logic: it has not followed the trend of getting involved in 'DeFi internal competition,' but is positioned as an 'enterprise-level blockchain,' specifically creating convenient channels for games, entertainment, and brands to access Web3. In other words, it is building bridges for the next 3 billion users, many of whom come from the traditional internet and real economy.

Since 2017, looking at nearly nine years of average growth data, Bitcoin has shown a more bullish sentiment during the Spring Festival period, with an upward trend in most years. Especially in 2019–2020, the overall growth rates were 14.31% and 16.93%, reflecting the bullish market conditions at that time. The bull market continued in 2022, with an overall growth rate of 15.75% during the Spring Festival, particularly as new internet buzzwords and memes emerged, leading to a concentrated burst of meme coins and bringing short-term popularity. The table below shows the year-on-year statistics of growth and decline during the Spring Festival.

In the past few months, DUSK has rapidly gained popularity in the crypto space, especially after skyrocketing over 120% during that wave of privacy track rotation, seemingly becoming the representative of a 'new generation of privacy coins'. But as a long-time veteran in the secondary market, I must remind you: popularity is superficial, actual implementation is the core. Whether DUSK is a good horse depends on whether it can really run, rather than just having pedigree and appearance.
Honestly, from a technical perspective, Dusk Network is one of the few chains that truly attempts 'compliance + privacy'. It is neither the pure privacy black box like Zcash nor the fully transparent public chain like Ethereum. It natively supports advanced features such as zero-knowledge proofs, auditable private transactions, programmable staking (Hyperstaking), and compliant on-chain asset issuance (Zedger) in its design, which looks quite sophisticated. Dusk's biggest selling point is compliance—it actively embraces EU policies like MiCA and collaborates with the Netherlands' NPEX exchange for compliant on-chain securities trading, even jointly launching the MiCA-approved digital euro EURQ. From a narrative perspective, the direction is indeed correct. But I want to ask: do these collaborations currently have real volume? How many real securities are on the NPEX chain? What is the daily trading volume of EURQ? What is the actual trading volume settled using the DUSK chain?

For the Plasma network, two insights can be observed in this broader context: on one hand, global payments are seeking new interconnected channels, and the traditional multi-tiered transfer model of banks is facing pressure to be 'replaced'; the rise of stablecoins and CBDCs indicates a strong demand for safe and efficient cross-border fund 'pipelines'. If Plasma can become one of these pipelines, it can seize a huge opportunity. On the other hand, countries are also synchronously raising their baseline policies and interoperability standards for digital payments. If the Plasma network wants to soar into the mainstream, it must leave room for compliance in its protocol design: on one hand, it needs to align with the technical standards of central banks and regulators, and on the other hand, it must integrate into traditional financial infrastructure (such as gateways that comply with KYC/AML). Only in this way can it survive and be effective under regulation.

Since its inception, VANRY has been a roller coaster ride: in November 2023, heavy news kept coming (token replacement, climbing the AI trend, partnerships with major companies), igniting market sentiment and causing the price to surge. Statistics show that on the day the news about joining the Nvidia program was released, VANRY skyrocketed past $0.3, with a daily increase of over 14% and a weekly increase of up to 52%. Coupled with various KOLs promoting the 'new story of AI public chain', the price briefly rose four to five times. However, as the saying goes, 'the more it rises, the harder it falls'; friends who bought in during the early surge likely experienced a descent from heaven to hell. As the market calmed and the overall trend turned bearish, VANRY gradually retraced its gains from 2024 to 2025, hitting a historical low of ¥0.044 (about 0.6 cents) in October 2025, which is more than a halving compared to its initial high point, nearly returning to a state of obscurity (down over 99% compared to the peak of TVK back in the day). Currently, at the beginning of 2026, VANRY hovers around ¥0.055, which is less than 1 cent. As such, early believers have mostly transformed into long-term holders, while many newcomers are just looking for airdrops and events as short-term traders. In terms of trading, VANRY is mainly active on exchanges like Gate and Bitget; although Binance hasn't directly listed it for spot trading, in 2024, they launched a special VANRY financial product with an annualized yield of 8.9%, plus a total of 78,000 VANRY tokens as airdrop incentives. Even Binance's financial products are promoting it, which shows that the platform was trying to leverage the trend to attract attention. However, it is worth noting that American exchanges like Coinbase are cautious about Vanar and have even explicitly stated that they will not help users automatically convert TVK to VANRY—this indicates that in the mainstream compliant market, VANRY still has a bit of an 'awkward identity'. This dichotomy in market conditions also reflects the project's inherent contradictions: on one hand, there are concepts and stories that can generate short-term hype; on the other hand, the realization and user scale do not currently match the valuation, leading to a return to rationality or even overshooting after the heat fades.

Under the global regulatory wave, crypto assets are moving from the "Wild West" to a new stage of "regulated compliance". The EU's MiCA regulation will come into effect in July 2025, marking the practical phase of crypto asset regulation. As stated by Dusk's official sources, "The implementation of MiCA not only standardizes crypto assets but also legitimizes blockchain." In the United States, the SEC is also actively laying out asset tokenization policies, stating in documents that "the tokenization of real-world assets will change market structure and reduce risks"; at the same time, the SEC encourages broker-dealers to trade and custody tokenized securities to foster innovation. Regulatory advancements in the Asian market are also progressing rapidly: Hong Kong frequently holds Web3 summits, clearly promoting the issuance of digital asset licenses. Recently, the Securities Regulatory Commission has approved new businesses such as crypto derivatives and leveraged trading, and has issued digital asset trading licenses to 9 platforms, highlighting the accelerated entry of traditional financial institutions. However, new regulatory proposals have also sparked controversy: for instance, Hong Kong's plan to cancel the asset management "below 10% allocation" exemption has faced industry opposition, with concerns that a one-size-fits-all regulation could stifle gradual innovation, putting many institutions exploring RWA + digital asset mixed strategies in a difficult position. Overall, global regulation holds a positive attitude towards stablecoins and RWAs but has raised higher demands for balancing privacy chains and regulatory compliance.