Aster Compensates Users Following XPL Perp Issue

BNB Chain’s decentralized exchange (DEX) Aster has completed reimbursements for traders affected by a glitch in its Plasma (XPL) perpetual market, which temporarily inflated prices beyond market levels.

As per Abhishek Pawa, CEO of Web3 agency AP Collective, the issue resulted from a misconfigured index hard-coded to $1. When the price cap was lifted prior to the correction, XPL futures on Aster surged to almost $4 while remaining at $1.30 on other platforms.

This sudden price discrepancy on Friday led to unexpected liquidations and unusual fee charges, causing financial losses for users. However, the platform promptly assured users that their funds were secure and committed to compensating all losses.

Within hours, the DEX announced that reimbursements had been fully distributed to affected accounts. Subsequently, Aster launched another round of compensation, which included trading and liquidation fees.

Aster records a $100 billion trading volume on perpetuals

Meanwhile, Aster has maintained its swift expansion this week, driving total perpetual DEX volumes to $104 billion on Friday, marking a fourth consecutive day of record daily highs.

DefiLlama indicated that Aster achieved $46 billion in volume on Friday, far surpassing competitors Lighter and Hyperliquid, which reported nearly $19 billion and $17 billion respectively.

Aster’s trading volume surge began on Wednesday, exceeding its principal competitor, Hyperliquid, with nearly $25 billion in volume. As of now, CoinGlass reported that Aster’s open interest stood at $1.15 billion.

While Aster’s metrics continued to rise, community members raised concerns regarding potential risks for traders.

One community member expressed doubts about Aster’s trading volume, citing airdrop incentives as a cause. Another user advised traders to withdraw their trades, warning of the risk of loss at this stage.

Related: Crypto legislation, stablecoins, and new ETPs expected to boost Q4 crypto returns: Analysts

What is the XPL token? 

XPL is the native token of Plasma, a layer-1 network designed for stablecoins. The network features zero-fee Tether (USDT) transfers and EVM compatibility for smart contracts, and it is backed by venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.

Recently, the network has gained momentum within the DeFi space. On Friday, Ethena’s USDe lending markets on Aave via Plasma hit their initial $1 billion supply caps within hours of launching, indicating high demand for the synthetic dollar stablecoin on Plasma.