Binance disclosed an important piece of news in its official announcement: Given that the Ethereum network was in a state of congestion during the PFVS airdrop, resulting in high network fees for related transactions, Binance Wallet has now distributed a total subsidy of 147,654.99 USDT to users who spent more than 10USDT on network fees during this period. At present, the subsidy distribution work has been successfully completed. Users can visit the spot account on the Binance official website to check. It should be noted that for some users from unsupported regions, their subsidies will be transferred to the Binance wallet address.
In the field of cryptocurrencies, airdrops, as a common promotion and reward method, often trigger extensive participation from users. However, this PFVS airdrop encountered the thorny problem of Ethereum network congestion. The congestion of the Ethereum network has significantly slowed down the transaction processing speed. To ensure that transactions can be packaged and confirmed by miners as soon as possible, users often have to increase the Gas fee (the unit used to measure transaction fees in the Ethereum network). This situation directly led to many users bearing network fee costs that exceeded expectations when participating in the PFVS airdrop.
Congestion on the Ethereum network is not a rare phenomenon. When a large number of transactions flood into the Ethereum network simultaneously, the processing capacity of the network will face severe challenges. The number of transactions that each block can accommodate is limited, and there is also a limit on the Gas limit (the maximum amount of Gas that a user is willing to pay for performing a certain operation or confirming a transaction). During the PFVS airdrop, a large number of users participated actively, and the number of transactions increased sharply, causing the utilization rate of the Ethereum network to soar and the remaining available space to drop significantly. This is just like on a road with moderate traffic volume, suddenly a large number of vehicles flood in, causing traffic congestion and slowing down the speed of vehicles. For those vehicles that want to pass quickly, they have to pay a higher “price”. In the Ethereum network, this “price” is a higher Gas fee.
Binance’s move to offer subsidies to users with excessively high network fees this time is undoubtedly a powerful guarantee for users’ rights and interests. During the process of cryptocurrency trading, unstable network conditions often bring additional costs to users. This move by Binance demonstrates its emphasis on user experience. By offering subsidies to users with network fees exceeding 10USDT, Binance has to some extent alleviated the economic losses suffered by users due to network congestion, which is conducive to maintaining users’ trust and loyalty to the platform.
For users who have received subsidies, they can visually view the subsidy amount in their spot account on the Binance official website. This is not only an economic compensation, but also reflects Binance’s proactive attitude in addressing users’ difficulties when dealing with complex network issues. For users from unsupported regions, Binance has also taken into account their special circumstances and disbursed subsidies to Binance wallet addresses to ensure that every eligible user can enjoy the corresponding subsidy benefits.
Related Topics:
- Trump Media Technology Group’s shares rose by more than 7% in pre-market trading on the US market, planning to make a heavy bet on cryptocurrencies
- Spot gold has fallen below the $3,300 mark, with a significant intraday decline
- Upbit announced that it will list the SOPH won, BTC and USDT trading pairs
