I. Overall Overview

In July 2025, Seraph Season 3 (hereinafter referred to as S3) officially launched, along with Binance Alpha. This update not only represents a comprehensive evolution of the gameplay and economic model but also marks Seraph's formal entry into the broader view of cryptocurrency investors.

Combining on-chain and in-game operational performance, this round S3 and Alpha promotion period presents the following key features:

• The structure of gold mining gameplay within the game economy is clearer, with VIP circulation and player retention both better than S2;
• Diversified event design boosts player participation, but some designs still need adjustments in pacing and presentation of entry.
• The market heat is concentrated in a short window of explosive growth, but trading participation is highly active;
• On-chain transaction data has significantly increased, with fees and LP locking up showing synchronized growth;

2. Game Performance (In-game)

Seraph has further upgraded the overall chain game experience in S3, with the new season fully open to both new and old players, adopting a "zero-cost" model, combined with rich free benefits, significantly lowering the participation threshold and greatly enhancing user stickiness and activity. All players participating in S3 can receive an exclusive gift package worth over $100, which includes a free season pass, upgrade exclusive items, and several rewards specially prepared for returning players, such as season booth licenses.

1. Player Scale and Activity Level

• S3 Active Players: Web3 13,342 + Steam 16,656, totaling 29,998.

The number of active players in S3 is basically on par with S2, indicating that Seraph has initially formed a sticky user community, and users are showing a trend of migrating from the Steam version to the Web3 version, laying a foundation for the continuous construction of the ecosystem.

2. Performance of Token Economics Internal Circulation

Since S2, Seraph has converted its consumption model from USDT to the native token $SERAPH, significantly optimizing the economic cycle and consumption mechanism, leading to a healthier and more sustainable development trajectory for the overall ecosystem. All player-generated consumption within the game will be uniformly transferred to the official locked address and locked for one year, further strengthening the token's value support and deflationary model.

In addition, the total recharge amount over three seasons has exceeded 650,000 USDT, maintaining a stable and strong recharge performance, further confirming the appeal of Seraph's high-quality content and economic system in the blockchain gaming market.

Compared to the previous two seasons, S3 shows significant growth in both reward distribution and token consumption dimensions, indicating that the official investment continues to increase, the in-game economic model is gradually improving, and the consumption ratio is also continuously rising.

3. Game Asset Performance

1. The energy and crystal ecosystem continues to thrive.

With the continuous enrichment of seasonal content, the energy and crystal ecosystem has shown a very high level of activity. In S1, the total crystal output was 317 million, with a consumption of 269 million; in S2, the output surged to 594 million, with a consumption of 583 million; in S3, the crystal output reached as high as 600 million, with a consumption of 582 million. This series of data fully demonstrates that the high-frequency operation and deep engagement of the game ecosystem are continuously increasing.

2. The staking ecosystem is taking shape.

Seraph introduced the key staking mechanism in S2, with a total of 4.62 million $SERAPH staked, enriching the ways for players to participate and receiving widespread acclaim from the community. S3 further extends the economic and content design, continuously enhancing the blockchain gaming experience through mercenary NFTs, asset auctions, and zero-cost play models.

3. New gameplay for NFT asset auctions

At the same time, S3 launched an NFT asset auction event, auctioning a total of 5,000 BMEC (Mercenary NFTs), with a cumulative transaction of 100,000 USDT and 500,000 $SERAPH (worth approximately 98,000 USD), injecting more liquidity and gameplay depth into the ecosystem.

4. The on-chain data of the game is impressive.

According to DappBay data, Seraph ranks fifth in the all-category Dapp list for the past 30 days, with over 1.1 million active users. The on-chain transaction volume on BNB Chain and opBNB has surpassed 5.87 million, demonstrating a strong growth momentum.

3. Alpha Performance (DeFi Side)

Since officially landing on Binance Alpha on June 9, 2025, $SERAPH has shown outstanding performance in core indicators such as on-chain trading volume, price performance, TVL, and fee income, and has demonstrated strong resilience and recovery ability in the face of sudden market fluctuations.

In the first week after launch, it achieved peak values in both price and trading volume, and has since remained on the Alpha hot list for several consecutive weeks, significantly increasing its activity and recognition in the market. At the same time, the project continues to launch incentive activities to give back to community users and further enhance on-chain trading depth and liquidity participation.

1. Key Performance Highlights

1. Price & Trading Volume Dual Peaks (June 16)

• Price surged to $0.204
• Daily trading volume reached 68.8 million USD, ranking 3rd on the Alpha trading volume list for the first time.

2. High Frequency Alpha Ranking

• On June 16, 17, 30 and July 7, entered the Alpha trading volume top 3 four times.
• Entered the Alpha trading volume top 5 multiple times

3. Fee income and TVL performance

• From June 23 to June 30 is the peak period, with an average daily on-chain transaction fee of nearly $20K.
• On the day of launch, it reached $1.71M, and as of June 30, it remained around $1.90M.
• The TVL on PancakeSwap peaked at $2.46M on June 29.
• Currently stable around the $1M range

5. Strong ability to respond to market emergencies

• June 15 KOGE and ZKJ flash crash incident: Seraph announced the next day that it has locked the official LP in response to the doubts.
• July 12 external sell-off: Immediately executed the buyback strategy and issued an announcement to update users. The total buyback amount exceeded 7.7 million $SERAPH, with the price rebounding to the $0.16–$0.17 range on July 16, a rise of +56%, topping the Alpha gainers list on that day.

2. Incentive activities continue

To activate community vitality and encourage trading participation, Seraph has launched multiple incentive interactions, covering LP providers and high-frequency trading users:

1. 30-day LP Staking Event

• Encourage users to provide liquidity for $SERAPH-USDT on the PancakeSwap platform and stake LP in ActPass, participating to share 500,000 $SERAPH.
• The rewards began on June 9, the day Alpha was launched, and ended on July 9, with all rewards distributed.

2. Trading Subsidy Mechanism

• Trading leaderboard: From June 19 to June 26, the top 1,000 users by $SERAPH trading volume will share a fixed prize pool of 50,000 $SERAPH and official LP fees (fee accumulation period: 06/18-06/30)
• The first round of trading subsidy rewards was distributed on July 1, totaling 54,239.8 $SERAPH and 812.32 USDT.
• An upgraded mechanism will be launched soon, supporting the fourfold combination of trading + ranking + lottery + invitation, truly enhancing user stickiness and trading frequency.

3. Timeline Overview

4. Ecological Performance and Risk Optimization

1. Ecological Performance

Since the launch of Season 3, the overall ecosystem of the Seraph project has shown strong activity and a preliminary positive loop capability. Season 3 has further strengthened players' participation depth and asset freedom by introducing gameplay such as "Mercenary Season," "NFT Auction," and "Zero Idle Mode," reducing the threshold for newcomers while providing asset reuse space for veteran players. In the in-game economic cycle, the $SERAPH token is widely used in scenarios such as character development, item synthesis, and season tickets. Through mechanisms such as destruction, official lock-up, and consumption recycling, a closed-loop model of "output → consumption → recycling" has gradually been established, initially realizing the implementation of the Play-to-Own concept.

At the same time, the launch of the Alpha stage marks the first time Seraph systematically links on-chain transaction incentive mechanisms with the gaming ecosystem. Various incentive measures have stimulated users' on-chain trading behavior and willingness to hold tokens, driving simultaneous increases in trading volume, active addresses, and TVL. LP liquidity is supported by official lock-ups, ensuring a smooth trading experience and enhancing market confidence.

More strategically significant is the simultaneous launch of S3 and Alpha, which has achieved the complete connection between "chain game content production" and "DeFi trading arena" for the first time, building an ecological closed loop covering game mechanics → on-chain consumption → user holdings → market feedback. Users can not only produce and consume tokens in the game but also obtain trading profits and liquidity mining incentives through Alpha, realizing the horizontal circulation of assets and the reuse of value.

Overall, Seraph S3 has advanced in conjunction with the Alpha phase, completing the preliminary ecological closed-loop verification from content, economic models to user structure. Its interactive mechanism of "Play-to-Own + on-chain transactions + asset incentives" provides a practical foundation for blockchain game projects with a sustainable paradigm.

2. Risk Analysis

Although Seraph has shown good growth momentum and ecological vitality during the S3 season and Alpha phase, its rapid expansion has also exposed certain structural risks and sustainability challenges, mainly reflected in the following aspects:

1. Structural Risks: Consumer Penetration and User Retention

Currently, the consumption of Tokens in the game is mainly concentrated in shallow usage scenarios such as task unlocking and lottery draws. Some users exhibit short-term behavior of "completing tasks and then quitting," and have not formed a continuous investment and character development asset accumulation chain. As the user bonus phase slows down, if there is a lack of mid-to-late stage consumption guidance and differentiated gameplay stimulation, it may lead to a simultaneous decline in user activity and consumption willingness. At the same time, observations on the blockchain reveal that there is a turning point in the retention rate of new users after completing the first round of incentive tasks, indicating that there is still a need to build a stronger long-term participation mechanism and incentive logic.

2. Operational strategy issues: Alpha's brushing ecology and incentive structure dependence.

The Alpha phase has brought a rapid increase in trading volume and exposure, but it has also shown obvious characteristics of a "score manipulation ecosystem": some users frequently trade to obtain task ranking rewards, focusing their behavior on reward arbitrage rather than ecological recognition. Once the intensity of incentives decreases or mechanisms are adjusted, such users are likely to leave, which could even negatively impact market liquidity and community enthusiasm. Meanwhile, the current incentive model of Alpha has not effectively distinguished between genuine long-term users and short-term arbitrage behavior, resulting in some resources being wasted on low-value interactions, thereby reducing overall efficiency.

3. Market-level feedback: Complex mechanisms and rising entry barriers for new users.

With the gradual introduction of systems such as PVP, guild wars, and NFT enhancements, the game's content tends to become more in-depth, which is beneficial for improving the core user activity and willingness to pay. However, it also poses challenges to new users' comprehension and the cost of getting started. Especially in the absence of clear guidance or simplified interface design, complex mechanisms may hinder users from successfully completing the path from "task participation" to "asset conversion," affecting the breadth of user expansion and subsequent conversion efficiency.

3. Optimization Suggestions

To effectively address the aforementioned risks and promote the positive evolution of the ecosystem, the project can optimize from the following dimensions:

• Expand resource consumption scenarios

Accelerate the launch of PVP mode and advanced dungeon gameplay, introduce resource competition and strategic spending scenarios, shift players from "completing tasks" to "competing in strength," while strengthening the logic of NFT consumption and upgrades, and building a high-level usage path for tokens.

• Alpha Incentive Structure Restructuring

Implement refined hierarchical management of user behavior, identify long-term holders and high-frequency interaction users, establish differentiated incentive models to avoid resource bias towards short-term score manipulation; guide trading behavior towards deeper binding paths in the ecosystem, such as game participation and NFT circulation.

• Cross-Cycle Incentive Mechanism Design

Build a growth-oriented identity system and a seasonal achievement inheritance system to guide players in developing investment expectations for future seasons, and to connect the "asset continuity between seasons" and the "identity growth trajectory."

• Enhance guidance and data visualization capabilities

By simplifying the task UI, launching interactive data dashboards, and strengthening the intelligent recommendation mechanism, we aim to lower the understanding threshold for new users and improve participation efficiency and activity conversion rates.

• The risk prevention and control mechanism continues to evolve

Establish an on-chain behavior profiling system and dynamic risk control strategies to maintain regular monitoring of suspicious addresses, abnormal transaction frequencies, and bot behaviors, and introduce a community feedback mechanism for joint governance.

Through the above optimization directions, Seraph is expected to strengthen the stability of the economic model while further building a sustainable ecological flywheel of "user growth → consumption deepening → asset accumulation → community-driven", providing a more resilient and vibrant model for the integration path of "chain games + DeFi".

5. Summary and Outlook

The overall operational performance after the launch of Seraph S3 and Alpha has validated that the "data-driven on-chain" growth strategy has initial effects: we see stable fee generation, LP lock-up support, and real user participation driven by the task system. Multiple core indicators have achieved a closed loop, strongly supporting the long-term viability of the "Play to Own" game model—users' on-chain behaviors can be transparently recorded and directly determine their share of rewards, realizing true "value attribution."

However, at the same time, we must also face the structural risks that are still in the early stages, including user stickiness, the variability of Alpha traffic quality, and the ability to finely tune economic models. As gameplay iterations and asset binding deepen, "Play to Own" should not just be a tool for distributing assets, but should become a mechanism that encourages long-term behavior and builds a sense of asset belonging for users.

In the future, we look forward to allowing players to truly own their assets, status, and income paths in the game, while ensuring the health of the trading fundamentals.

*Data Source

[1] Binance Alpha:

[2] PCS

Fee Statistics:

TVL Statistics:

[3] Media reports rank among the top three in Alpha trading volume.

June 16:

June 17:

June 30:

July 7:

[4] 30-day LP Staking Event Announcement:

[5] Official LP Lock-up Announcement:

[6] Trading Subsidy Activity Announcement:

[7] TVL reaches a peak of $2.46M announcement:

[8] $SERAPH-USDT cumulative trading volume surpasses $5B

[9] Seraph Official Buyback Plan Announcement:

[10] Seraph Project Progress and Token Distribution Disclosure: