Binance的常规合同规则调整意外暴露了加密市场中最脆弱的丘疹

通过Binance调整常规合同规则，意外地暴露了加密市场中最脆弱的丘疹。

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，通过Binance对合同规则进行例行调整，意外暴露了加密市场中最脆弱的丘疹。在半小时内，诸如ACT之类的低市场帽代币将其价值一半减半，这使交易风险控制机制的致命缺陷，做市商算法策略和Meme Coin Ecosystem成为焦点。

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.

尽管Binance紧迫地做出了反应并指责“大型投资者销售”，但合同持有量的75％蒸发，多币价格波动的精确同步以及营销商在链条上销售的神秘操作在坠机上销售后，坠机事件发生后，坠机事件发生了较深的行业风险，即在当前的浮动型中，可以使较弱的流动性发生在潮流中，以换取较弱的流动性，以换取较弱的流动性。 后退。

Multiple tokens collectively halved in half an hour

多个令牌在半小时内集体减半

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发布了一份公告，以调整多个U-Margin永久合同的杠杆率和保证金等级，其中涉及几对诸如1000Satsusdt，Actusdt，Pnutusdt，Neousdt，Neousdt和Neousdc之类的交易对。此调整的内容主要调整这些代币合同交易的位置限制和利用余量比率。以举例为例，调整前的最大位置限制为450万美元，在调整后，最多将其降低至350万美元。公告中显示的调整时间是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从36分钟内从0.1899美元下降到0.0836美元，下降了55％，触发了市场上的加热讨论。

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.

几乎与ACT，TST，Hippo，Dexe，Pnut和其他低市场帽代币的ACT同时，所有经历的闪光崩溃都达到了不同程度，其下降范围的下降通常从20％到50％不等。市场数据显示，18:30是多代币价格急剧下降的起点，影响一个比单个项目更大的范围，显示出明显的同步。

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.

具体而言，此调整是为了减少在杠杆倍数下可以保持的最大位置大小。例如，您曾经能够以一定的杠杆作用持有价值100万美元的代币，但是现在规则已更改，您只能持有最多800,000美元。如果用户没有积极关闭该职位，则系统将迫使超额位置在规则生效时以市场价格关闭。因此，合同价格将在短时间内急剧下降，然后触发踩踏。

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.

这在社交媒体上引发了很多讨论。 @Terryroom2014指出：“ Binance合同的开放利益在18:30急剧下降，交易所主动裁定了大量职位，导致价格崩溃”； @yinshanguancha认为：“由于利润率不足，做市商被迫关闭其职位，而规则的调整是触发的。”大多数用户将手指指向Binance的规则调整，认为降低位置限制会触发强制清算，这反过来又引发了恐慌销售和市场踩踏效果。

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.

一些用户还推测，这是由于做市商积极倾倒ACT。 @web3tinkle指出，仅在15分钟内，对Binance的行为量下降了7300万美元，这意味着项目党和做市商立即售罄并收获了市场。

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."

为此，Binance的联合创始人他在X平台上的互动中说，当被问及该法案是否是由Binance对合同规则的修改引起的，他回答说：“团队正在准备响应细节。”

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.

大约2小时后，Binance发布了有关该事件的初步调查报告，该报告指出，ACT下降主要是由于三名VIP使用者和一名非VIP用户在短时间内出售了约105万美元的点代币，这导致价格下跌，导致其他代币的下降。总而言之，Binance的回应认为，这种短期投资的主要原因是出售大型投资者，而不是Binance的规则调整。

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

交易所是否过度控制风险控制，还是做市商正在清理自己的立场以保护自己？

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.

这次市场崩溃使人们想起了最近的超级闪电袭击。 3月26日，分散的交换超流动遇到了一个交易者，他利用了流动性设计漏洞，并通过撤回利润率向平台倾倒了大量的短订单，这几乎损失了超过1000万美元的损失。

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

也许是由高流动性事件警告的，binance试图通过降低合同来控制风险