Recently, with the launch of the new version of the Binance Web3 Wallet, the introduction of the Binance Alpha platform has also become a hot topic. Just today, a prominent figure and the head of the Binance wallet, Winson, held an exciting live stream on platform X and in the square, where they also delved into the latest features of the Binance wallet—Binance Alpha.
Binance Alpha will launch 5 types of tokens on December 18 at 18:00 (UTC+8), which is very much worth looking forward to. For many users who are new to Binance Alpha, you may not yet understand this platform, nor how to participate. This article will provide you with a detailed tutorial to help you quickly understand, get started, and participate in the token purchase of Binance Alpha!
1. What is Binance Alpha and how to participate?
Binance Alpha is a platform within the Binance Web3 Wallet, aimed at showcasing promising early projects in the Web3 ecosystem. Through Binance Alpha, users can purchase tokens in advance that may be listed on the Binance exchange in the future. The tokens selected by Binance Alpha typically have strong community support, increasing market attention, and characteristics that align with the development trends of the cryptocurrency industry.
In the Binance Alpha platform, users can quickly participate in token purchases through the Binance Web3 Wallet. Each token that goes live will have a specific launch time window and will use the Quick Buy feature to make transactions smoother and more efficient.
Where to participate:
Users need to enter the Binance Web3 Wallet in the Binance APP and find the Binance Alpha section on the wallet homepage.
Through the Binance Alpha section, users can view the upcoming tokens and participate in them.
2. Preliminary preparations for the Binance Web3 Wallet
The tokens in Binance Alpha are all on-chain tokens. To participate in Binance Alpha, you first need to prepare the Binance Web3 Wallet and fund for different chains. Here are the detailed steps:
1. Update the Binance APP to the latest version (version 2.92 and above)
To ensure you can use the Binance Web3 Wallet and Binance Alpha, you first need to update the Binance APP to version 2.92 or higher. You can check for updates in the settings at the top left corner of the Binance APP homepage.
Please note: If Apple users cannot check for updates, they can search for Binance in the App Store to update it manually.
2. Create Binance Web3 Wallet
Open the Binance APP and log in to your account.
On the Binance APP homepage, click the wallet icon in the bottom right corner.
On the wallet page, select 'Create Wallet', then choose 'Web3 Wallet'.
Set a password and follow the prompts to complete the wallet backup and security settings.
Make sure you have securely backed up the backup code of your Web3 wallet in case of loss.
3. Prepare funds
To purchase tokens in Binance Alpha, you need to prepare enough native tokens for transactions on different chains. According to the token notice for the first batch of Binance Alpha, there are 3 on the BNB chain, 1 on the Solana chain, and 1 on the Base chain. You need to prepare the corresponding tokens for each chain:
Solana chain (SOL): It is recommended to prepare at least 1 SOL.
Base chain (ETH): It is recommended to prepare at least 0.05 ETH.
BSC chain (BNB): It is recommended to prepare at least 0.1 BNB.
This ensures that there are enough tokens in the wallet to cover the costs of purchasing and trading tokens.
Taking Sol as an example, here is a detailed illustration of withdrawing from the Binance APP to the Web3 wallet:
3. Purchasing and selling tokens after they go live
Once you have prepared the wallet and funds, you can wait for the Binance Alpha tokens to go live and participate in the purchase. Here’s how to participate in the Binance Alpha purchasing process:
Wait for the tokens to go live
Open the Binance APP and go to the wallet page.
On the wallet page, find and click the 'Binance Alpha' option.
On the Binance Alpha page, you will see a countdown showing the time until the next tokens go live.
For the first Alpha token launch, there are helpful preparation tips. Please ensure all preparations are complete.
Purchase tokens through the quick buy feature
When the tokens go live, you can purchase them using the quick buy feature on the Binance Alpha page.
Click on Quick Buy to enter the purchase page.
Select the amount you want to purchase and click confirm to buy.
Confirm the transaction and submit. The system will automatically adjust the slippage to ensure the transaction is completed smoothly and avoid MEV issues.
Sell the purchased tokens
Currently, the Binance Alpha page does not have a selling feature, here is a suggestion for the official team to optimize this in the future.
Select the trading section below the Web3 wallet, choose the token to sell above, and select the token to receive below. For example, select KOMA above and BNB or USDT below.
Click to authorize the token, and once authorization is complete, confirm the sale.
Confirm the transaction and submit, ensuring there are gas fees for the corresponding chain in your wallet, e.g., you need to have BNB balance for the BSC chain.
Summary
In fact, participating in Binance Alpha through the Binance Web3 Wallet is very simple. Just ensure that:
Update the Binance APP to the latest version (version 2.92 and above). If you cannot open the Web3 wallet, updating the Binance APP can solve the issue.
Create a Binance Web3 Wallet and prepare 1 SOL for the Solana chain, 0.05 ETH for the Base chain, and 0.1 BNB for the BSC chain.
Wait for the Binance Alpha tokens to go live and purchase tokens through the Quick Buy feature.
By following these steps, you can easily participate in Binance Alpha, explore and invest in early Web3 projects. Be sure to note the risks of trading and ensure you understand the potential and risks of each project.
I hope this tutorial helps you participate in Binance Alpha smoothly! If you have more questions or need further assistance, feel free to let me know!
