Alpha

Alpha (now Stella) presents a sharp dichotomy between its historical maturity and its current deterioration. Structurally, the token is sound, boasting a 96% circulating supply with no overhang risks, and the protocol is backed by a credible team and top-tier audit history (despite a past exploit). However, forward-looking indicators are flashing critical warning signs. The project appears to be in 'maintenance mode' with negligible development velocity, and the core team's focus has visibly shifted to new ventures like INIT Capital. Most importantly, the loss of Binance support serves as a catastrophic blow to liquidity and sentiment, transitioning the community into a defensive, shrinking state. While the 'Pay-As-You-Earn' product remains functional and innovative, the absence of active engineering or growth catalysts makes this a value trap rather than a value play.