$PAXG
The cause of the recent PAXG crash was not market price fluctuations, but a system error that led to depegging.
PAXG spot tracks the price of gold, and since gold’s price barely changed, the issue arose when PAXG futures — which should follow the spot price — overpowered it due to a systemic failure. It’s a case of the tail wagging the dog.
I would like to make a suggestion to the PAXG platform.
The PAXG platform must find a fundamental solution to prevent depegging. If that’s not possible, high-leverage futures trading should be suspended.
By suspending high-leverage futures trading and preventing depegging, PAXG could be recognized in the market as a safe and stable gold-backed coin.
If PAXG had managed to prevent depegging during the recent market crash, it would have been recognized as an outstanding RWA product in the market.
It is not the fault of the investors who trusted the PAXG and Binance systems.
The responsibility lies with PAXG and Binance, who created the systemic failure that led to the depegging.
We sincerely hope for an apology and compensation for the PAXG investors who suffered losses and damage from this incident.
The cause of the recent PAXG crash was not market price fluctuations, but a system error that led to depegging.
PAXG spot tracks the price of gold, and since gold’s price barely changed, the issue arose when PAXG futures — which should follow the spot price — overpowered it due to a systemic failure. It’s a case of the tail wagging the dog.
I would like to make a suggestion to the PAXG platform.
The PAXG platform must find a fundamental solution to prevent depegging. If that’s not possible, high-leverage futures trading should be suspended.
By suspending high-leverage futures trading and preventing depegging, PAXG could be recognized in the market as a safe and stable gold-backed coin.
If PAXG had managed to prevent depegging during the recent market crash, it would have been recognized as an outstanding RWA product in the market.
It is not the fault of the investors who trusted the PAXG and Binance systems.
The responsibility lies with PAXG and Binance, who created the systemic failure that led to the depegging.
We sincerely hope for an apology and compensation for the PAXG investors who suffered losses and damage from this incident.