Binance Assets Depeg Amid Market Volatility
CW 41. WBETH, BNSOL, and USDE briefly depegged on Binance during a sharp market drop, prompting compensation to users. Chinese memetokens gained traction on BSC as Binance prepared UTF-8 support and launched Meme Rush. Meanwhile, Grayscale enabled ETH staking within its U.S. ETFs.
WBETH, BNSOL and USDE depeg during the dump
During the dump on 10/11 morning Asia time / 10/10 evening US time, on Binance exchange, WBETH, BNSOL and USDE all depegged. Just days after Binance announced new margin calculation rule https://www.binance.com/en/support/announcement/detail/d6deec042d784b6ba5d8710a8c69d79d where WBETH and BNSOL shall be changed to intristic value when calculating margin value.
During the dump, lowest prices are
- WBETH: 430.65 USDT (while ETH lowest price was 3,435 USDT)
- BNSOL: 34.9 USDT (while SOL lowest price was 168.79 USDT)
- USDE: 0.65 USDT
It's likely started by a mega trader's liquidation or massive USDE recursive lending, and the liquidation tiggered further series liquidations, and Binance announced there would be a compensation plan to users affected https://www.binance.com/en/support/announcement/detail/f3d5d97ed12c4f639019419bd891705e and on Oct.12 the compensation has been distributed in USDC. Binance is further trying to recover trust from following measures https://www.binance.com/en/support/announcement/detail/d9cb0d52d7c142a5be4f49732bd8760c
Chinese memetokens on BSC
The Chinese memetoken hype started from $币安人生 https://www.coingecko.com/en/coins/bianrensheng, which literally means Binance Life, initially mentioned on He Yi's X reply "祝你享币安人生". Then many Chinese memetoken poped up on BSC chain and Binance Alpha, like $币安钱包 (Binance wallet), $币安广场 (Binance square), $客服小何 (Heyi), $大表哥 (CZ), $装逼的人 (Star Xu?)...
Meanwhile, Binance announed to support UTF-8 characters in Futures' API data https://www.binance.com/en/support/announcement/detail/7ae395540d4249f5af959e79c7cea64f. This means tehnically Binance is ready to launch Chinese memetoken perps. We should expect $币安人生-USDT perpetual swap soon.
Meanwhile, Binance launched its own pump.fun in Binance Wallet, named Meme Rush.
ETH spot ETF adds staking yield
Grayscale has enabled staking for its U.S. Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH) products, allowing investors to earn additional yields on their holdings. Filing at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001725210/000119312525231015/ethe-20251003.htm
The move is a significant development, given that institutional investors have only been able to capitalize on ETH's price gains until now.
Staking has also been activated within the Grayscale Solana Trust, which is awaiting regulatory approval to be turned into an ETF. And in the recent filing, Bitwise sets its to-be-launched Solana staking ETF fee at 0.20%.
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