The crypto world was recently abuzz when CZ, Binance’s previous chief executive officer, took a long position on MUBARAK on the APX Finance exchange. CZ wasn’t just making a chance trade; he was actually checking out the platform’s on-chain perpetual contracts and looking into possible MEV (Miner Extractable Toncoin (TON) Value Forecast for March 26th) problems.
CZ’s long position on Mubarak, which used 24.7x leverage, caused quite a commotion, which led to a quick price increase for the token.
According to ai_9684xtpa, APX (APX) rose by 26% in just seven minutes after CZ started his position, going from $0.64 to $0.081. MUBARAK also saw a 5.5% increase, rising from $0.146 to $0.154. The trade was carried out using a public donation address, and the position has since been closed. CZ responded to the hype on X, saying that it was just a regular on-chain test and that there was no need to worry.
This market reaction is typical whenever CZ makes a trade or posts something on social media, often causing a buying frenzy. Recently, his purchase of 20,150 MUBARAK with 1 BNB (worth $600 at the time) briefly pushed MUBARAK to the top of the BNB Chain memecoin market capitalization charts, with trading volumes reaching over $180 million.
CZ made it clear that his perpetual contract trade on MUBARAK was indeed a test to “experience it and see if MEV still exists.”
While MEV is more commonly linked to the Ethereum network, BNB Chain users have also experienced significant losses as a result of validators reordering or rearranging transactions to increase their profits. According to reports, BNB users have lost around $1.5 billion to MEV in 2024 alone. CZ has not yet shared any findings from his MEV-related testing. His perpetual contract test came after a poll he started on X on February 7, in which he questioned whether the BNB Chain should get rid of or significantly reduce MEV problems.
CZ used 0.04 BNB as collateral to open a 24.7x leveraged long position on Mubarak (MUBARAK) on the APX Finance exchange. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
