Ronin's listing on Binance plunged 20%! He Yiqin went to FireWire to explain: Reports are welcome

This site (120bTC.coM) was created by Sky Mavis, the development team of Axie Infinity, to meet GameFi gaming needs. They created Ronin, the Ethereum sidechain, which was a key enabler in meeting the massive demand from Axie Infinity’s hundreds of thousands of players.

Around five o'clock yesterday evening, Binance Exchange announced that it will tentatively list Ronin (RON) at 21:30 on February 5, 2024 (Eastern Eighth District time). At that time, the exchange will open RONIN/BTC, RONIN/USDT, RONIN/FDUSD, RONIN/TRY and other spot trading pairs for users to trade.

Typically, newly listed tokens will experience a temporary price increase due to increased visibility and liquidity on Binance. However, the RONIN token is different from the past. Immediately after Binance announced the news, it plummeted, falling from about $3.4 to $2.7, a drop of more than 20%.

Before the deadline, RONIN continued to fluctuate and fall, temporarily trading at $2.65, attracting market attention.

Binance He Yiqin posted an article on FireWire to explain

Regarding the situation of RONIN’s sharp decline, some conspiracy theories began to appear in the community. Binance co-founder He Yi also expressed his views on X a few hours ago The post explained:

After the announcement of RONIN’s currency listing, the price of RONIN dropped, triggering heated discussions in the community. An internal investigation found that this drop was due to the fact that the previously integrated public chain was used to retrieve user tokens and was externally detected as being collected on the chain.

He Yi did not elaborate on the reason, but seemed to imply that the community mistakenly believed that a large investor was about to sell, leading to panic selling. At the same time, He Yi also mentioned that the community has begun to discuss the listing of RONIN on Binance, and said that after careful consideration, the following adjustments will be made to the listed tokens in the future to adapt to changes on the existing basis.

1) Binance’s internal adjustments: The currency listing group involves business and research teams to PreIC, IC, development, operations, announcements and other aspects. Team members involved in the currency listing process will strengthen internal management and Fire prevention and isolation; if there is any information leakage in a management project for any reason, you will be given a warning and a second expulsion.

2) Adjustments to Binance’s external partners: External business communication often involves the improvement of project research information, communication of token models, token custody management, and communication with project investors, and the process has also been further improved. , if the project listing information is leaked, the listing will be cancelled. If any information is found to be leaked after the announcement, the pending listing will be directly extended, and the listing will be decided based on subsequent adjustments.

3) Further improve technical monitoring. Currently, it is not ruled out that Binance’s trading pairs and announcements are monitored by scripts. Although the content is encrypted, the added actions are monitored, so the BNB price fluctuates from time to time, and everyone will speculate. Binance will welcome launchpool. If you have any clues, please contact us.

4) Because Binance wanted to separate currency listing research and business in the past, it did not disclose contact information, which gave many opportunities for fraud. We hereby disclose the application link.

5) High reward. We welcome any reports involving currency listings and other corruption. If Binance team members are verified to be corrupt, we will provide rewards ranging from US$10,000 to US$5 million while keeping their identities confidential.

6) For verified corrupt employees who join any projects or funds after being fired, the corresponding projects and funds will become a permanent blacklist of Binance. Major funds are welcome to contact Binance for background information before making an offer. investigation.

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