Web3 folks are different breed, all they want is a portfolio that’s always green and growing at a rapid pace, but market has its own ways to punish these stubborn degens.
We all know what happened on 10/10. Market tanked, most of alt coins nearly lost 50%-98% of their value in minutes, and obviously everyone’s blaming Binance for it, but why?
The effects of this liquidation cascade were significantly more on Binance as it is world’s number one centralised exchange by number of active users, and trading volume.
People started to invent their own theories, hate groups formed, big names in industry blamed Binance, even dogewifhat $WIF used A* rated language for @CZ demanding a delisting their token from Binance.
What did Binance Do?
Like always, Binance kept cool, and came forward as a global leader. Compensated all the affected users within two weeks with $400M funds of their own. 10/10
Binance clarified all the allegations and ensured to not hurt community sentiments. 10/10
As market slipped further and $BTC slid below $60,000, Binance announced Bitcoin conversion of their $1B SAFU funds. 10/10
Binance kept the community optimistic while everyone panicked, if this is not BUILDING together then what is? 10/10
While everyone on CT is targeting CZ and Binance, and spreading FUDs, Binance keeps Building with community. 10/10
Binance could’ve chose to act like every other exchange did, staying silent during times like these, but they chose not to, and helped community grow and kept everyone optimistic. 10/10
Binanace could’ve chose to target others but they didn’t because blaming each other for what sentiments did, market did, is unnecessary and unhealthy for the entire Web3 community. 10/10
Coordinated FUD about CZ and Binance was created and fed to entire CT since then, but CZ came forward and dismissed it. 10/10
In short Binance is the only exchange that thought about users first, that cared about entire community and Web3 ecosystem more that anyone ever did.
So I rate Binance 10/10 for the efforts and community first approach.
I rate Binance 10/10 for Building together.
I rate Binance 10/10 for being there when everyone was busy shifting blame to one another.
I rate Binance 10/10 for transparency and willingness to protect users.
I rate Binance 10/10 for building the world’s one and only greatest exchange.
