The decentralized derivatives exchange (DEX) BNB Chain Aster has completed reimbursements to traders affected by a flaw in its perpetual market Plasma (XPL), which briefly raised prices above market levels.
According to Abhishek Pawa, CEO of the Web3 agency AP Collective, the issue arose from a misconfigured index, set at $1. With the reference price cap suspended before the correction, XPL futures on Aster surged to nearly $4, while other locations remained at $1.3.
The sudden price discrepancy triggered unexpected liquidations and unusual fee charges, causing losses to users. However, the platform acted quickly on Friday, assuring users that all funds were safe and promising to compensate them for any losses.
A few hours later, the DEX reported that refunds for the incident had been fully distributed to their accounts. Soon after, Aster implemented another round of compensation, including trading and liquidation fees.
What is the XPL token?
$XPL is the native token of Plasma, a layer 1 network optimized for stablecoins. The network offers fee-free transfers of Tether ( USDT ) and EVM compatibility for smart contracts, and is backed by venture capitalist Peter Thiel and Tether's CEO, Paolo Ardoino.
The network has gained traction recently in the DeFi ecosystem. On Friday, the USDe lending markets of Ethena on Aave via Plasma hit their initial supply limits of $1 billion just hours after launch, signaling strong demand for the synthetic dollar stablecoin on Plasma.