This wave once again proves that the pricing power based on OrderBook is too opaque, too fragile, and too easily manipulated.

Even with Binance having $300 billion in total value locked (TVL), when risks arise, assets worth hundreds of billions in market value can be smashed down to -90% in just a few minutes with transaction volumes in the hundreds of thousands.

What happened in between? Was it the market makers getting liquidated, or were the market makers doing something malicious? We have no way of knowing. All that remains are countless confused individuals waking up and large holders/retail investors who have lost everything overnight.

There’s not much to say; when the industry is chasing pure Ponzi schemes and no new external liquidity is coming in, extreme mutual liquidation in the market is inevitable.

All in Onchain, only when the pricing power of the vast majority of assets is dominated by on-chain liquidity can blockchain truly be called Finance 2.0.

Stay alive, friends.

Waiting for the next great era.

Binance #Crypto #Blockchain #Bitcoin

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