Lighter DEX to repay users in stablecoins after major outage: Details
Key Takeaways
Why is Lighter compensating merchants?
A database failure throughout October’s crash locked customers out, inflicting heavy losses throughout 2,000+ accounts.
What’s subsequent for Lighter’s customers?
Compensation begins Monday in stablecoins and factors, forward of the platform’s token launch.
Lighter decentralized trade (DEX) has introduced plans to completely compensate merchants who have been affected in the course of the latest system outage.
In a post on X (previously Twitter), the platform stated that it might roll out compensation for over 2000 customers who have been impacted by the 4.5-hour downtime on the tenth of October.
Supply: X
Lighter added that victims would obtain stablecoins and factors (used for farming its upcoming token) as a part of the compensation bundle.
Crypto flash crash impression
Based on Lighter, the outage was triggered by the database improve hiccup, simply after the Friday market crash.
Over that interval, customers couldn’t enter or exit trades, resulting in over 2000 affected victims. Per its autopsy, 367 customers misplaced over $10K whereas 38 merchants misplaced over $100K. General, 2008 customers misplaced over $1K.
Nevertheless, the crash on the tenth of October additionally overwhelmed different main platforms like Binance [BNB] and Robinhood. Though Binance co-founder Yi He didn’t decide to refunding losses, she reiterated that they’ll tackle each criticism on a case-by-case foundation.
Lighter challenges Hyperliquid’s lead
That being stated, Lighter is a perp DEX based mostly on Ethereum [ETH]. Alongside Aster [ASTER], the duo seeks to problem Hyperliquid’s [HYPE] dominance within the perp DEX house.
Apparently, Lighter has been on a tear recently. As of October, it noticed $93 billion in Perp Quantity whereas Hyperliquid raked in $109 billion over the identical interval.
Supply: The Block
However the progress isn’t stunning because the platform doesn’t cost retail customers charges. Solely high-frequency circulation and API pay charges to entry the platform.
Nevertheless, Lighter might launch its native token later in This autumn, 2025. Presently, it’s working the second part of its level farming, permitting customers to get a share of the token provide.
Because of this, the farming might juice its total perp quantity as customers chase its upcoming token launch.
In the meantime, the broader Perp DEX section posted combined outcomes after the Friday crash.
Notably, HYPE’s value was down one other 6% up to now 24 hours. MYX Finance [MYX] additionally dipped 4% however ASTER rebounded 4%.
