Lighter DEX Drama: Stablecoins, Points, and Chaos Galore!

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Key Takeaways 🎭

Why is Lighter compensating traders? 🤔

Oh, darling, a delightful little database failure during October’s crash locked users out, causing a positively ghastly mess across 2,000+ accounts. One might call it a tragedy-or perhaps just another Tuesday in crypto land. 🎢

What’s next for Lighter’s users? 🌟

Compensation begins Monday in stablecoins and points, because nothing says “we’re sorry” like Monopoly money and digital IOUs. All this, ahead of the platform’s token launch-because why not add another token to the chaos? 🎉

Lighter decentralized exchange (DEX), in a moment of rare humility, has announced plans to compensate traders who were inconvenienced by its recent kerfuffle. It’s almost touching, really. 🥲

In a post on X (formerly Twitter), the platform shared its grand plan to repay over 2000 users who were left stranded during the 4.5-hour outage on the 10th of October. A minor hiccup, some might say-others, a complete disaster. 🕳️

Lighter went on to explain that victims would receive stablecoins and points (used for farming its upcoming token) as part of the compensation package. Because, of course, tokens solve everything. 🙃

Crypto flash crash impact 📉

The outage, dear reader, was triggered by a database upgrade hiccup-just after the Friday market crash. Timing, as they say, is everything. ⌛

During this glorious outage, users couldn’t enter or exit trades, leading to over 2000 affected victims. Per its post-mortem, 367 users lost over $10K while 38 traders lost over $100K. Overall, 2008 users lost over $1K. A veritable bloodbath, but hey, that’s crypto for you. 🔪

However, the crash on the 10th of October also overwhelmed other platforms like Binance [BNB] and Robinhood. Binance co-founder Yi He, ever the diplomat, didn’t commit to refunding losses but promised to address complaints on a case-by-case basis. How very generous. 🤷‍♀️

Lighter challenges Hyperliquid’s lead ⚔️

Lighter, a perp DEX based on Ethereum [ETH], alongside Aster [ASTER], is attempting to challenge Hyperliquid’s [HYPE] dominance in the perp DEX space. Bold, if not a tad ambitious. 🎭

Interestingly, Lighter has been on a bit of a tear lately. As of October, it saw $93 billion in Perp Volume, while Hyperliquid raked in $109 billion. A close race, but not quite a photo finish. 🏁

The growth isn’t surprising, though, as the platform doesn’t charge retail users fees. Only high-frequency flow and API pay fees to access the platform. Free markets, darling-what could possibly go wrong? 🎰

However, Lighter could release its native token later in Q4, 2025. Currently, it’s running the second phase of its point farming, allowing users to get a share of the token supply. Because nothing says “innovation” like more tokens. 🪙

As a result, the farming might boost its overall perp volume as users chase its upcoming token launch. A carrot on a stick, if you will. 🥕

Meanwhile, the broader Perp DEX segment posted mixed results after the Friday crash. Notably, HYPE’s price was down another 6% in the past 24 hours. MYX Finance [MYX] also dipped 4%, but ASTER rebounded 4%. A rollercoaster ride, really. 🎢

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2025-10-13 06:05