The decentralized exchange (DEX) on the BNB Chain, Aster, has completed reimbursements for traders affected by a glitch in its Plasma (XPL) perpetual market, which temporarily caused prices to surge beyond market levels.
As reported by Abhishek Pawa, the CEO of Web3 agency AP Collective, the problem arose from a misconfigured index hard-coded at $1. Following the removal of the mark price cap, XPL futures on Aster jumped to almost $4, while other platforms remained at $1.30.
The price disparity observed on Friday triggered unexpected liquidations and unusual fee charges, resulting in user losses. However, the platform acted swiftly, assuring users that their funds were safe and pledging compensation for any losses incurred.
Within hours, the DEX announced that reimbursements for the incident had been fully credited to user accounts. Shortly thereafter, Aster implemented another round of compensation, which included trading and liquidation fees.
Aster achieves a daily record of $100 billion in perps trading
Simultaneously, Aster has maintained its rapid growth, pushing the overall perpetual DEX volumes to $104 billion on Friday, marking four consecutive days of record daily highs.
Data from DefiLlama indicated that Aster recorded an impressive $46 billion in volume on Friday, dwarfed only by competitors Lighter and Hyperliquid, which respectively recorded nearly $19 billion and $17 billion.
The surge in Aster’s volume began on Wednesday, surpassing its strongest rival, Hyperliquid, with a trading volume close to $25 billion. As of now, CoinGlass reported that Aster’s open interest stood at $1.15 billion.
As Aster’s metrics continued their upward trajectory, community members raised concerns regarding potential risks for traders.
A community member expressed doubts about Aster’s trading volume, citing airdrop incentives as a factor for platform usage. Another user cautioned traders to cash out their trades, warning of potential financial losses at this critical juncture.
Related: Analysts predict that upcoming crypto legislation, stablecoins, and new ETPs will influence Q4 returns in the crypto space.
Understanding the XPL token
XPL is the native token of Plasma, a layer-1 network designed for stablecoins. The network facilitates zero-fee Tether (USDT) transfers and is compatible with EVM for smart contracts, receiving backing from venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.
Recently, the network has gained traction in the DeFi ecosystem. On Friday, Ethena’s USDe lending markets on Aave via Plasma hit their initial supply cap of $1 billion within hours of launching, indicating robust demand for the synthetic dollar stablecoin on Plasma.
Magazine: ‘Help! My robot vacuum is stealing my Bitcoin’: When smart devices attack
