[Lighter Strategic LLP First Live Test of Loss-Limiting Protection for Liquidity Providers] Lighter announced the completion of the first live test of LLP Strategies during a recent large-scale long liquidation in the ARC perpetual contract. A trader established an extremely large long position on ARC, with a total open contract size reaching 50 million USDC, involving approximately 600 counterparties, including traders and market makers. The ARC contract belongs to Strategy 7, which corresponds to an LLP fund exposure of only 75,000 USDC to ADL risk. As the ARC price declined, the massive long position was first liquidated on the order book for approximately 2 million USDC, then further subjected to ADL to the LLP, and subsequently absorbed by healthy short positions. Ultimately, the large trader incurred a loss of approximately 8.2 million USDC, while LLP losses were capped at 75,000 USDC, and the short side profited.