Points and Alpha: The New Battlefield for Web3 User Growth

In the past five years, the points and Alpha mechanisms in the Web3 ecosystem have undergone profound changes. From the initial simple trading commissions to the now complex ecological governance tools, these mechanisms are reshaping the relationship between users, platforms, and the ecosystem.

Evolution of the Points Mechanism

Early rewards were primarily used to increase transaction volume by attracting users through rebates or fee discounts. However, this method has difficulty retaining long-term users.

After 2017, points began to be linked with "opportunities." Users can qualify to participate in high-quality project IDOs by holding points, transforming from "giving rewards" to "screening individuals."

By 2020, DEXs represented by Uniswap will combine points with governance rights. Users will no longer just receive short-term rewards but will become participants in the governance of the protocol.

Nowadays, both CEX and DEX are strategically designing point systems to regulate user attention, asset flow direction, and even the overall development trend of the ecosystem.

Alienation and Collaboration of the Alpha Mechanism

Alpha stimulates user engagement enthusiasm with its ambiguity. It is not always tied to a points mechanism, but it often creates the strongest desire to participate.

Mainstream Alpha models include:

1. Narrative-driven: Such as zkSync, StarkNet, etc., which stimulate user interaction solely based on rumors of "possible airdrops."
2. Points linkage type: such as Binance Alpha Points, clearly tied to points.
3. Behavior Capture Type: Like LayerZero, there is no formal points system, but user behavior is secretly recorded.

However, the ambiguity of Alpha can also easily lead to issues such as short-term arbitrage and ineffective trading volume manipulation. Therefore, the platform has begun to experiment with a "points + Alpha" combination mechanism for more refined control.

User Control System Driven by Dual Tracks

The Web3 rise mechanism is entering the "dual-track drive" phase: a systematic points system and ambiguous Alpha rewards work together to form a strategic tool that spans user acquisition, behavior guidance, asset accumulation, and rhythm management.

This structure not only optimizes the logic of user hierarchical screening but also significantly enhances the platform's ability to control the rhythm within the ecosystem. User behavior has also transformed; they no longer act solely for "exchange rewards," but rather to "leave traces" and be recognized by the system.

The Mechanism Fusion of CEX and DEX

The boundary between CEX and DEX mechanisms is rapidly blurring. CEX is beginning to introduce concepts such as on-chain behavior snapshots and on-chain wallet bindings, while DEX is introducing operational modules such as point systems and task structures.

User behavior is also changing in the integration of the two types of platforms. They are no longer simply "choosing a platform", but rather "choosing a mechanism". The unit of competition among platforms has shifted from "number of users" to "mechanism design capability".

Future Outlook

Future points may no longer be limited to a single platform, but instead form a cross-ecosystem mutual recognition "trust network". Users will not face "how many points do I have", but rather "how does the entire Web3 see me".

At the same time, regulatory uncertainty is also starting to close in. Platforms may become more cautious, and the truly effective mechanism will no longer be "incentivizing interaction," but rather designing participation structures that encourage users to stay and are worthy of recognition.

In this evolution, users have evolved from "wool-pulling party" to "candidates". We engage in interactions not just for short-term gains, but to build an identity that can be seen by the ecosystem. Meanwhile, the battleground between platforms has shifted from "who airdrops more" to "whose system can retain people".

From competing for traffic to competing for structure; from incentive games to identity construction; from points games to order design. This battle of mechanisms has just begun.