The crypto market crash also impacted Binance’s native token, BNB, which dropped approximately 10% within 24 hours. According to CoinGlass, around 1.7 million investors were liquidated within a single day, erasing $19.3 billion in open positions. Binance recorded one of the largest liquidation totals, following Hyperliquid and Bybit.

Apologies from Yi He and Richard Teng

Yi He, co-founder of Binance, apologized to users, admitting that the platform underperformed during periods of high volatility. He explained that the depeg issues were linked to declining prices in major markets and increased trading volumes.

Binance CEO Richard Teng addressed the situation publicly, stating, “We are not making excuses; we are carefully listening, learning from what happened, and committed to doing better.” He emphasized that Binance will maintain transparency while processing user claims and ensuring fair compensation.

The depeg affected three major assets: USDe stablecoin, BNSOL, and Wrapped Beacon ETH (WBETH). USDe fell to $0.66 at the peak of the sell-off. Binance will individually review each account to determine eligibility for compensation.

72-Hour Compensation Plan and New Risk Controls

Binance announced on its official support page that Futures, Margin, and Loan users holding USDe, BNSOL, or WBETH between 10 October 21:36 – 22:16 UTC will automatically receive compensation. This ensures that crypto investors can offset losses caused by market crashes and altcoin price fluctuations.

Binance will credit payments to user accounts within 72 hours. The platform will calculate each user’s compensation based on the difference between the market price and their liquidation price. Additionally, Binance will maintain transparency throughout the process, ensuring users receive fair compensation based on coin prices and market analysis.

Binance also introduced new risk control measures to prevent future disruptions:

• Adding buyback prices to the USDe, BNSOL, and WBETH price index weights

• Setting a minimum price threshold for USDe

• Increasing the frequency of risk parameter reviews

These measures aim to protect crypto assets and help users follow altcoin trends more securely.

Eligible Users

• Futures users holding USDe, BNSOL, or WBETH

• Margin and Loan users

• Users active between 10 October 21:36 – 22:16 UTC

Note: Losses caused by normal market movements and unrealized profits are not eligible for compensation.

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The post Binance to Compensate Users After USDe Crash appeared first on Coin Engineer.

Pepe (PEPE), a memecoin based on the cartoon character “Pepe the Frog” launched on Ethereum.

From 2025-02-17 00:00 (UTC) to 2025-03-16 23:59 (UTC), users who stake BNSOL or SOL will receive PEPE APR Boost Airdrop Rewards in their Binance accounts or Binance Wallets.

These PEPE APR Boost Airdrop Rewards are additional token airdrops added on top of the base APR from Binance SOL Staking, providing an extra APR boost to users’ earnings.

Click here to register on Binance Exchange with a 20% commission discount!

BNSOL Super Stake Reward Pool

Date Range:
2025-02-17 00:00 (UTC) to 2025-03-16 23:59 (UTC)

Total Rewards:
50,000,000,000.00 PEPE

Daily Total Rewards:
1,785,714,285.71 PEPE

How to Claim PEPE Rewards?

PEPE APR Boost Airdrop Rewards will be available for daily claims at around 05:30 (UTC), starting from 2025-02-18.

Eligible users can visit the SOL Staking page and click [Claim Rewards] to claim their rewards. Otherwise, these APR Boost Airdrop Rewards will be airdropped to users’ Spot Accounts after the campaign ends, at 2025-03-17 05:30 (UTC).

Note:
Users can earn additional APR rewards by subscribing these airdrop rewards to PEPE Earn Flexible Products. Navigate to [Earn], search for [PEPE], and click [Confirm].

How to Get BNSOL?

There are three ways to get BNSOL:

1. Navigate to [Earn] > [SOL Staking] and click [Stake SOL].
2. Stake SOL to BNSOL on Binance Wallet.
3. Buy BNSOL on the Spot Market, Convert, Auto-Invest, or the Buy Crypto page.

Binance Staked SOL (BNSOL) represents your staked SOL plus the staking rewards you earn, in a tradable and transferable form. Traditional staking locks up your staked assets, preventing you from using them for other purposes. In contrast, BNSOL provides flexibility to sell, transfer, or use your staked SOL position.

You can even move BNSOL to a personal wallet, such as Binance Wallet, and use it outside the Binance platform while still earning rewards. BNSOL accumulates staking rewards through the BNSOL:SOL conversion rate, and these rewards continue when used in other Binance products or external DeFi applications for additional yield opportunities.

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The post Binance Announces a New Airdrop on BNSOL Super Stake! appeared first on Coin Engineer.

The campaign will run from December 17, 2024, 00:00 (UTC) to December 31, 2024, 23:59 (UTC). A total of 2,255,706.94 WOO will be distributed, with 150,380.46 WOO shared daily among participants.

You May Be Interested: Elon Musk Spoke About the Name of the New Memecoin!

These rewards provide an extra boost to the existing Binance SOL Staking rates, helping to maximize your earnings. Users can claim WOO Rewards daily or wait for them to be automatically credited to their Spot Wallet at the end of the campaign.

How to Claim Your Rewards?

WOO APR Boost Airdrop Rewards will be available for daily claims starting from December 18, 2024, 05:30 (UTC). To claim your rewards:

• Visit the SOL Staking page.
• Click the [Claim Rewards] button.
• Unclaimed rewards will be automatically airdropped to your Spot Wallet after the campaign ends on January 1, 2025, 05:30 (UTC).

What is BNSOL and Why is it Important?

BNSOL represents your staked SOL plus staking rewards in a tradable and transferable format. Unlike traditional staking that locks your assets, BNSOL offers the following flexibility:

Tradable: BNSOL can be bought and sold on the Binance Spot Market or other crypto platforms.
DeFi Compatible: Use BNSOL in off-Binance DeFi applications for additional earning opportunities.
Flexible Rewards: BNSOL allows your staking rewards to accumulate even while your assets are used elsewhere.

How to Get BNSOL?

Users can obtain BNSOL through the following methods:

Stake SOL: Go to [Earn] > [SOL Staking] and stake SOL to receive BNSOL.
Use Binance Wallet: Convert your SOL to BNSOL via Binance Wallet.
Buy on Spot Market: Purchase BNSOL from the Spot Market, Auto-Invest, or the Buy Crypto page.

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The post New Earning Opportunity from Binance! appeared first on Coin Engineer.

This exclusive campaign provides additional airdrop rewards in PYTH tokens, boosting users’ earnings on top of the base APR from Binance SOL Staking.

PYTH APR Boost Airdrop Details

• Campaign Period: December 2 – December 16, 2024
• Total Reward Pool: 1,428,571 PYTH
• Daily Rewards: 95,238 PYTH

Users can claim their daily PYTH rewards starting at 05:30 (UTC) each day. Any unclaimed rewards will be automatically distributed to users’ Spot Wallets after the campaign ends.

How to Obtain BNSOL

1. Go to Binance’s [SOL Staking] section and stake SOL.
2. Convert SOL to BNSOL via the Binance Web3 Wallet.
3. Purchase BNSOL on the Spot Market or through Binance’s other purchasing tools.

What is BNSOL?

Binance Staked SOL (BNSOL) represents your staked SOL along with the staking rewards, in a tradable and transferable format. Unlike traditional staking, which locks assets, BNSOL provides flexibility, allowing users to sell, transfer, or use their staked SOL for additional opportunities. BNSOL can also be transferred to personal wallets like the Binance Web3 Wallet, offering the flexibility to use it in external DeFi applications while still earning staking rewards.

Eligibility and Additional Information

• To qualify for PYTH APR Boost rewards, users must complete identity verification and stake SOL into BNSOL.
• BNSOL uses Solana Labs’ audited Stake Pool Program, ensuring a secure staking experience.
• The campaign is available only in eligible countries and regions.

Important Notes:

• The BNSOL:SOL conversion rate updates every epoch (approximately every 2-3 days).
• The redemption period for BNSOL is approximately four days. Network conditions on Solana, such as congestion, may extend this period.
• Participation in the campaign is subject to Binance’s rules and local regulations.

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The post Binance Announces Two New Campaigns appeared first on Coin Engineer.

How Does BNSOL Work?

The post What is Binance SOL Staked (BNSOL)? appeared first on Coin Engineer.

The implementation of BNSOL tool is going to bring better solution for the users as compared to native staking, where tokens are locked in for a particular period. Moreover, the platform’s new liquid staking token will surely make Binance users excited as it enables them to obtain SOL staking returns and immediate access to their tokens at the same time. Regarding those points, Vishal Sacheendran, the head of regional markets at Binance, said the following: “BNSOL opens an ability to unlock the liquidity, accumulate rewards non-stop, as well as engage with both the Binance ecosystem and DeFi system.”

Solana-based Approach DeFi’s success depends on BNSOL used in its design. Liquid staking tokens, which depict assets staked on proof-of-stake blockchains such as Solana or Ethereum—can be sold or accessed DeFi sites while the fundamental assets remain locked.

The dynamic annual percentage rate (APR) of the BNSOL currency will change with Solana staking level. Binance created this product in accordance with a commission ratio linked with the total benefits and the value of BNSOL with relation to SOL. Users will be allowed to redeem tokens even if a redemption waiting period would be applicable.

Binance’s BNSOL staking product is ready to provide an innovative alternative for investors looking to maximize the potential of their Solana holdings while maintaining liquidity throughout the DeFi market with the official release slated later this month.

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The post Binance to Launch Solana Staking Product with Liquidity Features by Month’s End appeared first on Coin Engineer.