Lighter DEX to refund users in stablecoins after major outage: details

Key Takeaways

Why does Lighter compensate merchants?

A database outage in the course of the October crash locked out customers, inflicting heavy losses to greater than 2,000 accounts.

What’s subsequent for Lighter customers?

Compensation will start in stablecoins and factors on Monday, forward of the platform’s token launch.

The lighter decentralized trade (DEX) has introduced plans to completely compensate merchants affected by the current system outage.

In a single after on

Supply:

Lighter added that victims would obtain stablecoins and factors (used for farming the upcoming token) as a part of the compensation bundle.

Crash affect with crypto flash

In line with Lighter, the outage was attributable to the database improve problem simply after Friday’s market crash.

Throughout that interval, customers have been unable to provoke or exit transactions, resulting in greater than 2,000 affected victims. In line with autopsy, 367 customers misplaced greater than $10,000, whereas 38 merchants misplaced greater than $100,000. In whole, customers misplaced greater than $1,000 in 2008.

Nonetheless, the October 10 crash additionally overwhelmed different main platforms resembling Binance [BNB] and Robinhood. Though Binance co-founder Yi He didn’t promise to refund losses, she has repeated that they are going to deal with every criticism on a case-by-case foundation.

Lighter challenges Hyperliquid’s lead

That mentioned, Lighter is a perpetrator DEX primarily based on Ethereum [ETH]. Subsequent to Aster [ASTER]desires to problem the duo Hyperfluid [HYPE] dominance within the perpetrator DEX area.

Apparently sufficient, Lighter has been on a tear recently. As of October, it recorded $93 billion in Perp Quantity, whereas Hyperliquid raked in $109 billion in the identical interval.

Supply: Het Blok

However the progress isn’t a surprise, because the platform doesn’t cost charges for personal customers. Solely high-frequency flows and APIs pay charges to entry the platform.

Nonetheless, Lighter may launch its personal token later within the fourth quarter of 2025. It’s presently conducting the second part of its level farming, which is able to enable customers to get a share of the token provide.

In consequence, agriculture may undermine its general offender quantity as customers chase the upcoming token launch.

In the meantime, the broader Perp DEX phase posted combined outcomes after Friday’s crash.

Notably, the value of HYPE fell one other 6% within the final 24 hours. MYX Finance [MYX] additionally fell by 4%, however ASTER recovered by 4%.