The decentralized exchange dYdX has released a post-mortem analysis and community update detailing its plan to compensate traders affected by the chain outage during last month's market crash, which lasted approximately 8 hours.
The exchange stated on Monday that its governance community will vote on whether to withdraw up to $462,000 from the protocol insurance fund to compensate the affected traders.
dYdX wrote that the outage on October 10 "stemmed from a code flow error, with its duration exacerbated by the delay in validators restarting their oracle sidecar service." According to the decentralized exchange, when the chain resumed, "the matching engine processed trades/liquidations at incorrect prices due to outdated oracle data."
dYdX stated that no user funds were lost on-chain, but some traders suffered liquidation-related losses during the outage.
The dYdX governance community will vote on whether affected traders should be compensated using funds from the protocol insurance fund.
The cryptocurrency market crash in October wiped out approximately $19 billion in positions, marking the largest liquidation event in cryptocurrency history, and tested Binance's trading services as the exchange faced surging volatility, user concerns, and regulatory scrutiny.
Traders criticized the exchange for technical failures that prevented them from closing positions, including interface issues that displayed multiple token prices below zero, as well as the de-pegging of Ethena's USDe (USDE) synthetic stablecoin.
While Binance did not take responsibility for traders' losses, it announced a $400 million relief plan for affected traders, including $300 million in token vouchers and $100 million for impacted ecosystem participants.
Binance initiated a $45 million BNB token airdrop for meme coin traders who suffered losses in the crash to "boost market confidence."
In total, the exchange has committed $728 million to traders affected by the sell-off.
Related: Mt. Gox postpones repayments to 2026, a decade-long saga still unresolved
Original: “dYdX Community to Vote on $462,000 Compensation Proposal”
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