1. Overview

In July 2025, Seraph Season 3 (S3) officially launched alongside its listing on Binance Alpha. This update not only represents a comprehensive upgrade of the game’s mechanics and economic model but also marks Seraph’s entry into a broader audience of crypto investors.

• Key takeaways from S3 and the Alpha promotional period include:
• A clearer in-game "Play-to-Earn" structure, with stronger VIP circulation and player retention compared to Season 2 (S2).
• Diverse event designs that boosted engagement, though some pacing and entry points may require further optimization.
• Market attention peaked within a short window, yet trading activity remained highly active.
• On-chain transaction data saw significant growth, with fees and LP lock-ups increasing in tandem.

2. In-Game Performance

Seraph in S3 introduced a fully upgraded Web3 gaming experience. The new season opened to both new and returning players with a “zero-cost entry” model. Generous free rewards significantly lowered the entry barrier, boosting player engagement and retention. Every S3 player received a package worth over $100, including a free season pass, level boosting items, and a seasonal stall permit for returning players.

2.1 Player Base & Activity

• S3 Active Players: Web3 version – 13,342; Steam version – 16,656; Total – 29,998 players.
• The active player count in S3 remained comparable to S2, indicating the formation of a loyal and sticky player base. There is also a growing trend of users migrating from Steam to the Web3 version, laying a solid foundation for future ecosystem growth.

2.2 Token Economy & Internal Circulation

Since S2, Seraph transitioned its in-game spending model from USDT to the native token $SERAPH, optimizing token circulation and supporting a healthier, more sustainable economy.

All in-game spending is directed to the official locked wallet and held for one year, reinforcing token value and deflationary mechanisms.

Wallet address: https://bscscan.com/address/0xfb341a7701cedbcd47d238bc800e95441ea9d0da

Across all three seasons, cumulative top-ups have surpassed $650,000 USDT, demonstrating steady and strong monetization, further confirming Seraph’s appeal through both its content and economic system.

Compared to previous seasons, S3 shows clear growth in both rewards distribution and token consumption, indicating increased investment and a more refined economic model.

Rewards & Consumption Summary

2.3 In-Game Asset Performance

1) Thriving Energy & Soul Spars Ecosystem

With the continuous enrichment of seasonal content, the energy and Soul Spars systems have remained highly active. These figures reflect a robust, high-frequency ecosystem with deep player engagement:

• S1: 317M Soul Spars produced, 269M consumed.
• S2: 594M Soul Spars produced, 583M consumed.
• S3: 600M Soul Spars produced, 582M consumed.

2) Early Formation of Staking Ecosystem

Key staking was introduced in S2, with a total of 4.62M $SERAPH staked, diversifying player participation options and receiving positive community feedback.

S3 further extended economic and gameplay features through Mercenary NFTs, asset auctions, and the zero-cost entry model.

3) New NFT Auction Mechanism

S3 also introduced an NFT asset auction mechanism, which included the auction of 5,000 BMEC (Mercenary NFTs). This auction generated 100,000 USDT and 500,000 $SERAPH (valued at approximately $98,000 at the time), injecting additional liquidity and depth into the ecosystem.

2.4 On-Chain Data Highlights

According to DappBay, Seraph ranked 5th among all Dapps in the past 30 days with over 1.1M active users. Combined transactions on BNB Chain and opBNB exceeded 5.87M, reflecting strong momentum and growing adoption.

3. Binance Alpha Performance (DeFi)

Since our official launch on Binance Alpha on June 9, 2025, $SERAPH has delivered strong results across key metrics such as on-chain trading volume, price performance, TVL, and fee revenue. The token has also demonstrated strong resilience and recovery during sudden market fluctuations.

In the first week of launch, both price and trading volume peaked. In the following weeks, $SERAPH consistently remained on the Alpha trending charts, with market activity and recognition steadily rising. Meanwhile, the project rolled out multiple incentive programs to reward the community and further deepen on-chain trading and liquidity participation.

3.1 Key Highlights

1) Price and trading volume peak (June 16)

• Token price surged to $0.204.
• Daily trading volume reached $68.80M, ranking 3rd on the Alpha trading volume chart for the first time.

2) Frequent appearances on Alpha rankings

• On June 16, 17, 30, and July 7, $SERAPH ranked among the top 3 on the Alpha trading volume chart.
• Multiple entries in the Alpha top 5 trading volume list.

3) Fee revenue and TVL performance

• From June 23 to June 30, on-chain fees averaged nearly $20K per day.
• TVL reached $1.71M on launch day and remained around $1.90M by June 30.
• TVL peaked at $2.46M on PancakeSwap on June 29.
• Currently stable around the $1M range.

4) Strong response to market shocks

• June 15: During the KOGE and ZKJ flash-crash event, Seraph responded by announcing the official LP lock on the following day.
• July 12: An external sell-off triggered immediate buyback measures and public progress updates. More than 7.7M $SERAPH was repurchased, with the price rebounding to the $0.16–$0.17 range by July 16, up +56%, topping the Alpha daily gainers list.

3.2 Incentive Programs

To energize the community and encourage trading activity, Seraph launched multiple incentive initiatives covering both LP providers and high-frequency traders.

1) 30-day LP staking campaign

• Encouraged users to provide SERAPH/USDT LP on PancakeSwap.
• LP staked on ActPass shared a reward pool of 500,000 $SERAPH.
• Campaign started on Alpha launch day (June 9) and ended on July 9, with rewards fully distributed.

2) Trading rebate program

• A trading leaderboard ran from June 19 to June 26, where the top 1,000 users by trading volume split a fixed reward pool of 50K $SERAPH and all official LP fees (fees accumulated between June 18–30).
• The first round of trading rebates was distributed on July 1, with a total payout of 54,239.8 $SERAPH and 812.32 USDT.
• An upgraded system is being prepared, combining trading, ranking, lucky draws, and referrals to further enhance user stickiness and trading frequency.

3.3 Timeline Overview

4. Ecosystem Performance and Risk Optimization

4.1 Ecosystem Performance

Since the launch of S3, Seraph’s overall ecosystem has shown strong activity and an initial ability to achieve positive circulation. By introducing new features such as the Mercenary Season, NFT Auctions, and the “zero-cost entry” model, S3 has further deepened player engagement, enhanced asset flexibility, and lowered barriers for new players, while also offering veteran players opportunities for asset re-utilization.

Within the in-game economy, $SERAPH tokens are widely used for character development, item crafting, and seasonal passes. Through mechanisms like token burning, official lock-ups, and consumption recycling, Seraph is building a closed-loop model of “production → consumption → recycling,” moving towards realizing our Play-to-Own vision.

At the same time, the Alpha phase marked the first time Seraph systematically integrated on-chain trading incentives with its game ecosystem. Various incentive mechanisms stimulated trading activity and token holding on-chain, driving trading volume, active addresses, and TVL upward. Officially locked LP liquidity ensured smooth trading experiences and strengthened market confidence.

Strategically, the simultaneous launch of S3 and Alpha completed the first end-to-end integration of gameplay content with DeFi trading arenas, creating an ecosystem loop that covers gameplay → on-chain spending → user holding → market feedback. Players not only produce and consume tokens in-game but can also earn trading rewards and liquidity mining incentives through Alpha, achieving horizontal circulation and value reusability for assets.

Overall, S3 and Alpha have worked hand-in-hand to validate an initial ecosystem loop covering content, economic models, and user structure. The integrated mechanism of Play-to-Own, on-chain trading, and asset incentives provides a sustainable framework for blockchain gaming projects.

4.2 Risk Analysis

While Seraph has demonstrated strong growth momentum and ecosystem vitality during S3 and Alpha, the rapid expansion also revealed some structural risks and sustainability challenges, mainly in the following areas:

1) Structural risk: consumption penetration and user retention

• Current token consumption is mainly concentrated on shallow use cases like task unlocks and lotteries, with some users leaving after completing tasks rather than continuously investing in character progression.
• As the early user acquisition phase slows, the lack of mid-to-late-stage consumption guidance and differentiated gameplay could result in declining engagement and spending willingness.
• On-chain data shows a noticeable drop in retention after new users complete their first reward tasks, indicating the need for stronger long-term participation mechanisms and incentives.

2) Operational strategy: Alpha point farming and incentive dependency

• While Alpha significantly boosted trading volume and visibility, a point farming pattern emerged where some users traded frequently solely for ranking rewards, focusing on arbitrage rather than ecosystem commitment.
• When incentives weaken or rules change, these users may easily leave, negatively impacting liquidity and community activity.
• The current Alpha incentive model does not effectively distinguish between genuine long-term users and short-term arbitrage traders, leading to resource inefficiencies.

3) Market feedback: complexity and rising entry barriers for new users

• As systems like PVP, guild battles, and NFT enhancements roll out, content depth increases, which is positive for core user engagement and spending but also raises the learning curve for new players.
• Without clear guidance or a simplified interface, complex mechanics may hinder smooth transitions from task participation to asset conversion, limiting user acquisition and conversion efficiency.

4.3 Optimization Recommendations

To address these risks and drive healthy ecosystem evolution, the following optimizations are recommended:

• Expand resource consumption scenarios

Accelerate the launch of PVP modes and advanced dungeon gameplay, introducing resource competition and strategic spending to encourage players to shift from task completion to skill-based competition. At the same time, strengthen NFT consumption and upgrade mechanisms to build higher-level token utility pathways.

• Restructure Alpha incentive models

Segment user behavior more precisely to identify long-term holders and frequent interactors. Establish differentiated incentive models to avoid resource concentration on short-term farming activities, while guiding trading behavior toward deeper integration with gameplay and NFT circulation.

• Design cross-season incentive mechanisms

Build a growth-oriented identity system and seasonal achievement inheritance to encourage players to invest in future seasons. This will create continuity between seasons and a sense of long-term progression.

• Enhance user guidance and data visualization

Simplify task interfaces, introduce interactive data dashboards, and strengthen smart recommendation features to reduce barriers for new users, improving participation efficiency and conversion rates.

• Continuously improve risk control mechanisms

Develop an on-chain behavior profiling system and dynamic risk-control strategies to monitor suspicious addresses, abnormal trading activity, and bot behavior. Incorporate community feedback into governance to ensure collaborative monitoring and control.

By implementing these optimizations, Seraph can strengthen its economic stability while building a sustainable ecosystem flywheel of “user growth → deeper spending → asset accumulation → community-driven development,” offering a resilient model for the integration of blockchain gaming and DeFi.

5. Conclusion & Outlook

The overall performance of Seraph following the launch of S3 and Binance Alpha has validated the effectiveness of a growth strategy centered on on-chain data. We have observed consistent fee generation, LP lock-up support, and genuine user participation driven by the task system. Multiple core metrics have formed a closed loop, providing solid evidence of the long-term viability of the Play-to-Own model. User on-chain activities are transparently recorded and directly determine their share of rewards, ensuring true value ownership.

At the same time, it is important to acknowledge the structural risks that remain at this early stage, including challenges around user retention, the varying quality of Alpha traffic, and the need for more precise economic model tuning. As gameplay evolves and asset integration deepens, Play-to-Own should not merely serve as a tool for asset distribution but become a mechanism that encourages long-term commitment and strengthens players’ sense of ownership.

Looking ahead, our goal is to maintain a stable trading foundation while enabling players to truly own their in-game assets, status, and reward pathways.

Seraph Foundation

Data Sources

[1] Binance Alpha:
https://www.binance.com/en/alpha/bsc/0xd6b48ccf41a62eb3891e58d0f006b19b01d50cca

[2] PancakeSwap (PCS):
Fee statistics: https://pancakeswap.finance/info/v3/pairs/0xd5b642646a6e40090d5d61ca11a78ee2f6e0ef14
TVL statistics: https://pancakeswap.finance/info/v3/pairs/0xd5b642646a6e40090d5d61ca11a78ee2f6e0ef14

[3] Media coverage of Alpha trading volume Top 3:
June 16: https://www.theblockbeats.info/flash/298700
June 17: https://www.theblockbeats.info/flash/298888
June 30: https://www.theblockbeats.info/flash/300651
July 7: https://www.theblockbeats.info/flash/301622

[4] 30-day LP staking campaign announcement:
https://x.com/Seraph_Fdn/status/1932075338554868147

[5] Official LP lock-up announcement:
https://x.com/Seraph_global/status/1934508831230349427

[6] Trading rebate program announcement:
https://x.com/Seraph_global/status/1935587905030033886

[7] TVL peak at $2.46M announcement:
https://x.com/Seraph_global/status/1939217272763273534

[8] $SERAPH-USDT trading volume surpasses $5B:
https://x.com/Seraph_global/status/1940631997480886721

[9] Seraph official buyback plan announcement:
https://x.com/Seraph_Fdn/status/1945462542807236648

[10] Seraph project updates and token distribution disclosure:
https://x.com/Seraph_Fdn/status/1946162586313252980