The Alpha ecosystem has been operating steadily for nearly half a year, with participation thresholds continuously rising. This article will delve into the underlying operational mechanisms of the ecosystem, explore the current ecological environment, and provide optimization strategies for participants, while also predicting its future development direction.

Fundamentally, the current state of the Alpha ecosystem reflects the complex game of interests among multiple parties. Firstly, the strategic focus of the project team has shifted from short-term gains to long-term value accumulation. They are no longer solely pursuing fee income but view Alpha as a stepping stone to gain broader market recognition. For example, the Puffer project invested heavily to participate in Alpha and ultimately succeeded in landing on mainstream trading platforms. Although this strategy incurs high initial costs, it is expected to be compensated through future token appreciation.

Secondly, the project team is using the Alpha Points System to accurately identify high-value users to improve the efficiency of future airdrops. This approach not only reduces resource waste but also cultivates a loyal community base for the project. For example, in the airdrop of the SIGN project, high-point users contributed the majority of the trading volume, fully demonstrating the effectiveness of this strategy.

However, the Alpha ecosystem also faces some challenges. The most significant issue is the phenomenon known as "limit order screen brushing." This is actually a "prisoner's dilemma" that arises under the game of maximizing extractable value (MEV). Professional teams use sophisticated algorithms and high-frequency trading strategies to maximize optimal point acquisition and empty investment qualifications while controlling costs. This behavior forces ordinary users to follow suit to avoid a drop in point rankings, thus falling into an inefficient vicious cycle.

In the face of such a complex situation, participants need to carefully formulate strategies. On one hand, it is important to recognize the long-term value orientation of the project party and avoid excessive focus on short-term gains; on the other hand, one must also be wary of the negative impacts of excessive competition and seek more sustainable ways to participate.

Looking ahead, the Alpha ecosystem is likely to experience further optimization and adjustments. The project team may introduce more diversified evaluation metrics, not solely relying on trading volume, but also considering factors such as users' long-term holding behavior and community contributions. At the same time, to alleviate the "prisoner's dilemma," a more balanced points mechanism may be implemented to encourage more diverse and valuable user behaviors.

Overall, the Alpha ecosystem is at a critical stage of development. Participants need to maintain sharp insights and flexibly adjust strategies in order to achieve long-term success in this ecosystem filled with opportunities and challenges.