Binance的常規合同規則調整意外暴露了加密市場中最脆弱的丘疹

通過Binance調整常規合同規則，意外地暴露了加密市場中最脆弱的丘疹。

On April 1, a routine adjustment of contract rules by Binance accidentally exposed the most vulnerable pimple in the crypto market. Within half an hour, low-market-cap tokens such as ACT collectively saw their values halved, putting the fatal flaws of exchange risk control mechanisms, market maker algorithm strategies, and the MEME coin ecosystem in the spotlight.

4月1日，通過Binance對合同規則進行例行調整，意外暴露了加密市場中最脆弱的丘疹。在半小時內，諸如ACT之類的低市場帽代幣將其價值一半減半，這使交易風險控制機制的致命缺陷，做市商算法策略和Meme Coin Ecosystem成為焦點。

Although Binance responded urgently and blamed “large investors selling”, the 75% evaporation of contract holdings, the precise synchronization of multi-currency price fluctuations, and the mysterious operation of market maker Wintermute selling on the chain after the crash all exposed deeper industry risks in this Rashomon incident - in the current weak liquidity, exchanges’ attempts to repair systemic risks may become the last straw that breaks the camel's back.

儘管Binance緊迫地做出了反應並指責“大型投資者銷售”，但合同持有量的75％蒸發，多幣價格波動的精確同步以及營銷商在鏈條上銷售的神秘操作在墜機上銷售後，墜機事件發生後，墜機事件發生了較深的行業風險，即在當前的浮動型中，可以使較弱的流動性發生在潮流中，以換取較弱的流動性，以換取較弱的流動性。 後退。

Multiple tokens collectively halved in half an hour

多個令牌在半小時內集體減半

At 15:32 on April 1, Binance released an announcement on adjusting the leverage and margin tiers of multiple U-margin perpetual contracts, involving several trading pairs such as 1000SATSUSDT, ACTUSDT, PNUTUSDT, NEOUSDT, and NEOUSDC. The content of this adjustment mainly adjusts the position limit and leverage margin ratio of contract transactions of these tokens. Taking ACT as an example, the maximum position limit before the adjustment was 4.5 million US dollars, and after the adjustment it was reduced to a maximum of 3.5 million US dollars. The adjustment time shown in the announcement is 18:30.

在4月1日的15:32，Binance發布了一份公告，以調整多個U-Margin永久合同的槓桿率和保證金等級，其中涉及幾對諸如1000Satsusdt，Actusdt，Pnutusdt，Neousdt，Neousdt和Neousdc之類的交易對。此調整的內容主要調整這些代幣合同交易的位置限制和利用餘量比率。以舉例為例，調整前的最大位置限制為450萬美元，在調整後，最多將其降低至350萬美元。公告中顯示的調整時間是18:30。

At 18:30 on the same day, ACT fell from $0.1899 to $0.0836 in 36 minutes, a drop of 55%, triggering heated discussions in the market.

同一天18:30，ACT從36分鐘內從0.1899美元下降到0.0836美元，下降了55％，觸發了市場上的加熱討論。

Almost at the same time as ACT, TST, HIPPO, DEXE, PNUT and other low-market-cap tokens on Binance all experienced flash crashes to varying degrees, with declines generally ranging from 20% to 50%. Market data showed that 18:30 was the starting point for the steep decline in prices of multiple tokens, affecting a wider range than a single project, showing obvious synchronization.

幾乎與ACT，TST，Hippo，Dexe，Pnut和其他低市場帽代幣的ACT同時，所有經歷的閃光崩潰都達到了不同程度，其下降範圍的下降通常從20％到50％不等。市場數據顯示，18:30是多代幣價格急劇下降的起點，影響一個比單個項目更大的範圍，顯示出明顯的同步。

Specifically, this adjustment is to reduce the maximum position size that can be held under the leverage multiple. For example, you used to be able to hold tokens worth $1 million with a certain leverage, but now the rules have changed and you may only be able to hold a maximum of $800,000. If the user does not actively close the position, the system will force the excess position to be closed at the market price when the rule takes effect. Therefore, the contract price will drop sharply in a short period of time, which will then trigger a stampede.

具體而言，此調整是為了減少在槓桿倍數下可以保持的最大位置大小。例如，您曾經能夠以一定的槓桿作用持有價值100萬美元的代幣，但是現在規則已更改，您只能持有最多800,000美元。如果用戶沒有積極關閉該職位，則係統將迫使超額位置在規則生效時以市場價格關閉。因此，合同價格將在短時間內急劇下降，然後觸發踩踏。

This has sparked a lot of discussion on social media. @terryroom2014 pointed out that "the open interest of Binance contracts dropped sharply at 18:30, and the exchange took the initiative to cut off large positions, causing the price to collapse"; @yinshanguancha believed that "market makers were forced to close their positions due to insufficient margin, and the rule adjustment was the trigger." Most users pointed the finger at Binance's rule adjustment, believing that the reduction of the position limit triggered the forced liquidation, which in turn triggered panic selling and market stampede effects.

這在社交媒體上引發了很多討論。 @Terryroom2014指出：“ Binance合同的開放利益在18:30急劇下降，交易所主動裁定了大量職位，導致價格崩潰”； @yinshanguancha認為：“由於利潤率不足，做市商被迫關閉其職位，而規則的調整是觸發的。”大多數用戶將手指指向Binance的規則調整，認為降低位置限制會觸發強制清算，這反過來又引發了恐慌銷售和市場踩踏效果。

Some users also speculated that this was due to the active dumping of ACT by market makers. @Web3Tinkle pointed out that the amount of ACT held on Binance dropped by 73 million US dollars in just 15 minutes, implying that the project party and market makers instantly sold out and harvested the market.

一些用戶還推測，這是由於做市商積極傾倒ACT。 @web3tinkle指出，僅在15分鐘內，對Binance的行為量下降了7300萬美元，這意味著項目黨和做市商立即售罄並收穫了市場。

In response to this, He Yi, the co-founder of Binance, said during an interaction on the X platform that when asked whether the ACT plunge was caused by Binance's modification of the contract rules, He Yi responded that "the team is preparing to respond with details."

為此，Binance的聯合創始人他在X平台上的互動中說，當被問及該法案是否是由Binance對合同規則的修改引起的，他回答說：“團隊正在準備響應細節。”

About 2 hours later, Binance released a preliminary investigation report on the incident, which stated that the decline in ACT was mainly due to the sale of about $1.05 million in spot tokens by three VIP users and one non-VIP user in a short period of time, which caused the price to fall and led to the decline of other tokens. In summary, Binance's response believed that the main reason for this short-term plunge was the selling of large investors, rather than Binance's adjustment of rules.

大約2小時後，Binance發布了有關該事件的初步調查報告，該報告指出，ACT下降主要是由於三名VIP使用者和一名非VIP用戶在短時間內出售了約105萬美元的點代幣，這導致價格下跌，導致其他代幣的下降。總而言之，Binance的回應認為，這種短期投資的主要原因是出售大型投資者，而不是Binance的規則調整。

Are exchanges overdoing risk control or are market makers clearing their positions to protect themselves?

交易所是否過度控制風險控制，還是做市商正在清理自己的立場以保護自己？

This market crash reminds people of the recent Hyperliquid lightning attack. On March 26, the decentralized exchange Hyperliquid encountered a trader who exploited a liquidity design loophole and dumped a huge amount of short orders to the platform by withdrawing margin, which almost caused a loss of more than 10 million US dollars to the Hyperliquid vault.

這次市場崩潰使人們想起了最近的超級閃電襲擊。 3月26日，分散的交換超流動遇到了一個交易者，他利用了流動性設計漏洞，並通過撤回利潤率向平台傾倒了大量的短訂單，這幾乎損失了超過1000萬美元的損失。

Perhaps warned by the Hyperliquid incident, Binance tried to control risks by lowering the contract

也許是由高流動性事件警告的，binance試圖通過降低合同來控制風險