Binance brought the Open Loot trading competition and token airdrop, which triggered a sudden selloff of OL tokens.
Binance, the largest crypto exchange by trading volume, featured Open Loot, a Web3 gaming marketplace, on Binance Alpha, an exclusive trading platform.
The leading exchange announced that users with 233 Binance Alpha points are eligible to claim 1,836 Open Loot (OL) tokens, currently worth $82. The airdrop, which started at 06:00 UTC on June 8, will consume 15 points.
We’re pleased to announce that Open Loot (OL) has been featured on Binance Alpha.
Eligible Binance users with at least 233 Binance Alpha points can claim an airdrop of 1,836 OL tokens on the Alpha Events page starting at 6:00 UTC on June 8th, 2025.
Please note that claiming… pic.twitter.com/0oVRfa1yhw
— Binance (@binance) June 8, 2025
Binance Alpha brings early-stage tokens of projects expected to perform well in the long term, before listing them on the main exchange.
The Big Prize
Binance also announced a trading competition where 10,000 users can compete for a prize pool of 16 million OL tokens, worth $800,000 at the time of the announcement.
According to the announcement, users can trade OL tokens on Binance Wallet or Binance Alpha. Users who trade using third-party decentralized applications and bridging are not eligible for the competition.
While Binance stated that there is no limit on how much to trade, the exchange also indicated that only purchases contribute to the ranking — selling does not.
Rewards will be credited to Binance Alpha accounts by July 6, 2025, 16:00 (UTC).
OL token witnessed a sudden wave of selloffs following the airdrop and trading competition announcement from Binance. OL is down 15.3% in the past 24 hours and is trading at $0.044 at the time of writing.
At this point, the competition’s prize pool of 16 million OL tokens is worth roughly $700,000.
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