Lighter, the second-largest decentralized perpetuals trade, was one among many platforms that skilled platform outages in the course of the crypto market’s flash crash on Oct. 10. To compensate affected customers, Lighter has distributed factors that can translate to a future token airdrop.
Lighter introduced its reimbursement plan on Oct. 14, dropping 250,000 factors to merchants affected by the platform’s technical points throughout and after the crash.
Whereas factors might seem to be nebulous compensation for misplaced funds, Lighter factors are in excessive demand, reaching as excessive as $100 per level on OTC markets earlier than Friday’s occasions. As of Oct. 16, the very best bid sits at $81.
The group has confronted some backlash over its compensation bundle, however on the whole, Lighter merchants appear glad with the response, whereas depositors within the platform’s Lighter Liquidity Pool (LLP) are unimpressed.
When damaged down, merchants affected by the outage misplaced $25 million and obtained 150,000 factors, LLP contributors obtained hit by a 5% loss (roughly 21.5 million) however obtained simply 25,000 factors, after which the platform suffered a post-crash sequencer outage the place merchants misplaced one other $7 million, which was reimbursed with 75,000 factors.
In summation, Lighter customers misplaced roughly $50 million in the course of the platform’s downtime and, as compensation, obtained $20 million value of Lighter factors. After all, OTC costs are solely indicative, and there’s no assure that Lighter tokens will fetch the identical valuation after launch.
It is usually value noting that a good portion of the $25 million misplaced within the crash in the course of the outage was possible unsalvageable, as costs moved so shortly and violently that many merchants would have been liquidated no matter whether or not the platform was operational.
Regardless of the setback, Lighter stays the second-most-popular perps DEX in DeFi, solely trailing Hyperliquid. The DEX nonetheless maintains over $1 billion in whole worth locked (TVL), and has processed $7.3 billion in quantity during the last 24 hours, in comparison with Hyperliquid’s $8.8 billion
Lighter TVL and Perp Quantity – DeFiLlama
