BULLA plunged over 50% in the past 24 hours; Binance will enable last price protection mechanism for its USDT-margined perpetual contracts.

BlockBeats news, October 28: Binance announced that due to deviations in spot prices across multiple platforms and deposit/withdrawal restrictions, it will activate the Last Traded Price Protection Mechanism for the USDⓈ-M BULLAUSDT perpetual contract at 14:00 Beijing time on October 28. This mechanism will smooth the transition through mark price to reduce severe price fluctuations. The protection period will last until BULLA spot prices across multiple platforms converge and a stable index price can be formed, after which a separate announcement will be made.

During the protection period, the mark price will be calculated based on the recent average traded price of the contract, with a per-second change cap of approximately ±1%. The funding rate cap will also be adjusted from ±2.00% to ±0.005%, and the settlement interval will not temporarily change to hourly upon reaching the cap.

According to market data, BULLA has plummeted over 50% in the past 24 hours, currently priced at $0.073.