An Update on TermMax Alpha Dear TermMax Community, Today, we want to share an important update regarding TermMax Alpha. After careful consideration, we have decided to pause TermMax Alpha. When we built Alpha, the idea was simple but ambitious: to bring fully on-chain options to emerging assets, starting with Binance Alpha tokens. As the product evolved, that vision expanded to a broader range of emerging and tokenized assets. Over the past months, Alpha saw meaningful participation from the community and real usage across different assets, offering users another way to express market views and contributing to price discovery alongside spot and perpetual markets. At the same time, operating a fully on-chain options market comes with structural challenges. It relies on sufficient liquidity and participation on both sides, which can be difficult to sustain consistently across different assets. Building deeper and more stable on-chain liquidity takes time and resources. Given these challenges and the resources required to maintain the experience we expect, we believe pausing Alpha is the right decision at this stage. This is not a decision we made lightly. We still believe in what Alpha set out to explore, and we value everything we learned from building and operating it. When the conditions are right, we hope to revisit Alpha and bring back an even stronger experience. To everyone who traded, shared feedback, reported issues, or simply gave Alpha a try, thank you for being part of the journey. 🙏 Note: The Leaderboard has also been updated accordingly, with the Alpha-related Mark removed. All other Leaderboard features remain unchanged.