I found that @Bybit_Web3 is not "making a Wallet", but "eating Wallets".

The paths of Binance, OKX, and Bitget are:
CEX + Web3 Wallet, while Bybit Alpha is taking a different path.

Bybit Alpha directly cancels the "Wallet layer" and uses a key structure: Unified Trading Account

Because the underlying logic of Bybit Alpha is very clear: users only have one Bybit account.

All on-chain operations are completed through the UTA balance: private key, signature, Gas, exchange —— completed by the system backend.

Some say this is "weakening Web3", but it is not; it is the ultimate abstraction of the Web3 operational process.

Bybit Alpha has done three things:
1. Turn the private key risk into a platform risk control issue.
2. Turn on-chain execution into account-level operations
3. Compress the "steps" of DeFi into a single button

Now let's learn about the Alpha Farm model:

PS: What really matters is not the "high APR", but whether the source of the yield is real. Many CEX also have "high-yield products", but Alpha Farm is fundamentally different from them.

1️⃣ Earnings are not subsidies, but on-chain transaction fees.

The earnings of Alpha Farm come from three points:
(1) CLMM Pool Real Transaction Fees
(2) On-chain liquidity incentives
(3) Fee capture brought by RFQ order flow

This means that the APR may be variable, which is understandable since the returns fluctuate with market activity, and this is indeed not false revenue maintained by the platform at a loss.

This point is crucial; sustainable profits must come from real trading activities.

2️⃣ CLMM: Capital efficiency is the key to victory.

The biggest problem with traditional AMMs is that 90% of the funds are lying in price ranges that will not execute.

Alpha Farm uses CLMM, which essentially means: compressing funds into high trading intervals and increasing the fee capture per unit of funds.

Bybit Alpha has also further implemented a layer of "user-friendly abstraction": robust / standard / custom range.

Users do not need to understand Tick or Range; the system internalizes professionalism into its most direct functions, making it more user-friendly compared to professional trading on platforms like 安 or ok.

3️⃣ Single Asset Pooling: This is a severely underestimated experiential revolution.

Allow single asset entry into the pool for USDT / USDC / SOL / bbSOL.

It seems simple, but it is extremely important: no need to exchange coins, no need to allocate ratios, and certainly no need to estimate IL.

This step has directly lowered the cognitive threshold of DeFi by a whole order of magnitude.

It seems that the endgame of Alpha is not Farming, but rather:
Multi-chain Expansion (EVM / Mantle)
RWA liquidity pool
CEX-DEX Arbitrage Tool
bbSOL / LST leveraged yield
AI (TradeGPT) assisted decision-making

Summary:
Currently, there are rumors that Binance is likely to delist Alpha in February next year. Next, I believe Bybit Alpha might actually take over. The challenge of CeDeFi lies in "who can reduce complexity."

DeFi has already proven that it can generate returns, DEX has already proven that it can price the world, what truly determines the next phase of growth among the many exchanges is:
Who can bring 90% of ordinary novice users into DeFi and DEX.

Bybit Alpha is not perfect, but it provides a very clear answer:
Capture the value of DEX with the experience of CEX.

Attached Bybit Alpha operation video: