The BNB chain launched a $ 45 million “Reload Airdrop” aimed at paying users who suffered losses in Memecoins in the market crash on Friday.
The initiative will share BNB (Bnb) Tokens in more than 160,000 deserving addresses, the network said Monday. Aidrops will start this week and complete in early November.
The BNB chain is a blockchain network developed by Binance that is now maintained by a decentralized community. It activates the BNB’s native ecosystem token and supports applications throughout Defi, Gaming and Digital Assets.
According to To Binance’s founder and former CEO Changpeng Zhao, the rewards will be allocated randomly. Ecosystem partners such as the Four Meme, Pancakeswap, Binance Wallet and Trust Wallet will help distribute funds to the right traders.
AirDrop follows a market collapse on Friday that resulted in Nearly $ 20 billion in exterminationS in crypto markets, the largest single-day ruin in industry history.
On Monday morning, BNB hit a new all-time high of $ 1,370 per token, according to data from CoinMarketCap. The rebound came even though Binance faced backlash from users accused of exchanging the worsening of the crashing market.
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Binance’s response to the crypto sell-off
A fact that society post from US president Donald Trump that threatens 100% tariffs on Chinese imports Sent Crypto markets In a historic extermination Friday, with Binance caught in the eye of the storm.
Many binance users reported glitches in the system During the fall that left them unable to get out of their positions. A businessman, the sleepshadow, wrote to X Saturday Binance “closed their system during a major market crash,” left the businessman “unscathed” positions in futures.
Another flashpoint came from Ethhena’s synthetic dollar, USDE, which dropped to $ 0.65 on October 11 in Binance but remained close to $ 1 peg elsewhere. Guy Young, founder of the USDE ISSUER ETHENA LABS, said DEPEG could be linked Binance using Oracle data From its own orderbook, where liquidity is relatively thin, rather than an external price feed.
A third issue is the Altcoins, including iotex (‘Re), The machine (Enj) and cosmos (Atom) appeared to crash at $ 0 in Binance During the collapse of the market, despite what is listed above $ 0 in other exchanges.
On Sunday, Binance released a “statement in recent volatility market” to meet the user concerns. The exchange wrote that it conducted a “comprehensive review” that confirmed “major futures” remained operating in the market collapse.
Binance said the brief price collapse for specific areas of the area was caused by old limit orders triggered amid thin liquidity during the sale. The exchange added that a separate “zero price” display glitch derived from a recent change in decimal settings, not from Tokens actually fall into zero.
It is also noted that forced fluids on its platform consist of only a small portion of total market activity, which suggests volatility is primarily driven by greater market conditions rather than internal malfunction.
However, Binance acknowledged that the removal of the USDE (as well as BNSOL and WBeth) has caused some users holding these possessions as collateral to have their positions fluid. In response, the exchange covers their losses, worth $ 283 million.
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