BNB Chain’s derivatives decentralized exchange (DEX), Aster, has finalized reimbursements for traders affected by a malfunction in its Plasma (XPL) perpetual market, which temporarily drove prices above typical market levels.
As stated by Abhishek Pawa, the CEO of Web3 agency AP Collective, the problem originated from a misconfigured index hard-coded at $1. With the mark price cap removed prior to the fix, XPL futures on Aster surged to nearly $4, while other platforms remained at $1.30.
The abrupt price difference on Friday led to unforeseen liquidations and unusual fee charges, resulting in user losses. However, the platform swiftly reassured its users that all funds were protected and pledged to compensate for any losses incurred.
Just a few hours later, the DEX announced that the reimbursements for this incident had been fully credited to their accounts. Shortly thereafter, Aster executed another round of compensation, including trading and liquidation fees.
Aster records a daily trading volume of $100 billion in perps
Meanwhile, Aster has maintained its rapid growth this week, propelling overall perpetual DEX volumes to $104 billion on Friday, achieving a fourth consecutive day of record daily highs.
DefiLlama reported that Aster posted $46 billion in volume on Friday, far surpassing its competitors Lighter and Hyperliquid, which both achieved impressive performances of around $19 billion and $17 billion, respectively.
Aster’s volume spike began on Wednesday, overtaking its leading rival, Hyperliquid, with a trading volume close to $25 billion. At the time of writing, 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 doubted the trading volume on Aster, citing airdrop incentives for using the platform. Another user advised traders to withdraw their trades, warning that it’s easy to incur losses at this stage.
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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 is supported by venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.
The network has recently garnered attention within the DeFi ecosystem. On Friday, Ethena’s USDe lending markets on Aave via Plasma hit their initial $1 billion supply caps within hours of launching, indicating strong demand for the synthetic dollar stablecoin on Plasma.
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