According to Abhishek Pawa, CEO of the Web3 agency AP Collective, the issue stemmed from the index being hardcoded to $1. Before the fix, the price limit was lifted, causing the XPL contract price on Aster to soar to nearly $4, while other platforms remained at $1.30.
The sudden price anomaly on Friday triggered unexpected forced liquidations and abnormal fees, resulting in losses for users. The platform quickly took action to assure users that all funds were safe and promised to compensate for any losses.
Just a few hours later, according to DEX, all compensations for the incident had been credited to user accounts. Subsequently, Aster added compensation for trading fees and forced liquidation fees.
Meanwhile, Aster continued to experience rapid growth this week, driving the overall perpetual DEX trading volume to reach 104 billion on Friday, setting a new single-day record for the fourth consecutive day.
According to data from DefiLlama, Aster recorded a trading volume of 46 billion on Friday, far surpassing competitors Lighter and Hyperliquid, which achieved trading volumes of nearly 19 billion and 17 billion, respectively.
The surge in Aster's trading volume began on Wednesday when its volume first exceeded that of the strongest competitor, Hyperliquid, reaching nearly 25 billion. According to CoinGlass data, as of the time of writing, Aster's total open contracts amounted to 1.15 billion.
As Aster's various metrics continued to grow, community members expressed concerns about the potential risks for traders.
Some community members questioned Aster's trading volume and mentioned the platform's airdrop incentives. Another user reminded traders to cash out their profits in a timely manner, stating that losses could easily occur at the current stage.
XPL is the native token of Plasma, a Layer-1 network optimized for stablecoins. The network supports zero-fee Tether (USDT) transfers and is compatible with EVM smart contracts, backed by venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.
The network has recently gained attention in the DeFi ecosystem. On Friday, Ethena's USDe reached the initial supply cap of 1 billion in the lending market within hours after launching on Aave via Plasma, demonstrating strong demand for synthetic dollar stablecoins on Plasma.
Additionally, the magazine column also focused on the security issues of smart devices.
Related: Crypto Executives: Stablecoins Need Consumer Protection to Replace Existing Payment Giants
Original: “Aster's XPL Perpetual Contract Glitch Causes Price Surge to $4, Compensation Now Issued to Users”
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