We conducted some research on wbETH and bnSOL. Many people may have a vague understanding of how the margin of a contract is calculated based on its nominal value, but they have not had a clear understanding of it. Firstly, under the unified account model, the nominal value of the margin equals the number of assets multiplied by the asset marker price multiplied by the collateral coefficient According to the disclosure, the collateral coefficients of wbETH and bnSOL are very high. As previously interpreted, wbETH and bnSOL are considered equivalent to ETH and SOL, both with a coefficient of 90-95%. That is to say, a coin worth 1 US dollar can be used as a U worth 0.95 US dollars. Smaller coins, such as Trump, have a collateral coefficient of only 50%, which means that $1 of Trump can only be used as $0.5 of U. Where did the problem lie this time? It is a marked price (equivalent to a oracle feeding price). For large currencies such as BTC and ETH, their marked prices are based on the average price of a basket of exchanges and will limit outliers, which is highly robust. But for wbETH and bnSOL, they are only listed on Binance, and their marked prices are calculated according to another algorithm. For example, bnSOL has a two item weighted tag price: 30% quoted from bnSOL/USDT open market price 70% quoted from bnSOL/SOL exchange rate multiplied by SOL price Meanwhile, wbETH is similar, it is 20%+80%. It's easy to understand, because bnSOL/SOL and wbETH/ETH are equivalent to stablecoin pairs, so the liquidity of retail investors, arbitrageurs, and market makers is relatively high, resulting in a higher proportion; And its two positions against USDT have low liquidity, which is why they account for a relatively low proportion. Binance has a great feature, which is a panel where you can see marked prices. So what happened last night? From the price index perspective, in fact, wbETH was hit by the market to 430 U yesterday, while the lowest marked price of wbETH was only 711 U. This is how 80% of wbETH/ETH played a role in preventing worse things from happening. Similarly, bnSOL, although its secondary trading position was hit to 35, the marked price only fell to 48 before stopping, which also prevented worse things from happening. So, this morning the senior teacher tweeted, calling on Binance to adjust the marker price (rather than the mortgage rate). Next, regarding the announcement time, I don't really like unfounded conspiracy theory analysis, which is meaningless. The sharp drop itself was caused by Trump launching a new tariff war. This led to a sharp drop in the US stock market linked to the cryptocurrency market, and a sudden attack during the weekend Asian break. In addition, at the peak of the bull market, everyone's leverage was high, resulting in a series of liquidation stampedes, which is not too surprising. So, in the midst of misfortune, there are two main blessings: Binance took the initiative to issue an announcement, and Yijie also made an official announcement that they will compensate for the losses directly related to Binance. Binance will adjust the tagging price algorithms for wbETH and bnSOL on the 14th of this month. From the original 20%/80% and 30%/70% cap prices, they have been directly changed to 100% anchored ETH and SOL prices, even including exchange rates, making these two assets very safe. As mentioned this morning, it can be understood that the original intention of wbETH and bnSOL as margin is to emulate the stETH and JitoSOL models. In such cases, it is indeed necessary to withdraw the cash price because it carries third-party risks. And wbETH and bnSOL are self hosted by Binance, without any third-party risks, so anchoring ETH and SOL directly is not a problem and can actually promote the use of these LSTs. I hope this analysis can help everyone understand this matter from the bottom up. I also hope that everyone can recover their losses related to USDE, wbETH, and bnSOL as soon as possible.