Lighter will issue 250,000 points to compensate traders affected by the market crash

Odaily Planet Daily News: Perpetual contract trading platform Lighter announced that it will issue 250,000 points as compensation to traders affected by the market crash. Officials stated that the compensation will be divided into three categories:

First, due to the platform's performance degradation before the market crash, which resulted in traders' cumulative losses of approximately $25 million, the platform will issue 150,000 points and refund liquidation fees (paid in USDC);

Secondly, during the market crash, LLP holders saw their assets drop by approximately 5%. The platform will issue 25,000 points as compensation and further clarify the LLP liquidity mechanism in the technical documentation.

Finally, about 5 hours after the market recovered, the platform was briefly down for 4.5 hours due to a database failure, resulting in a loss of approximately US$7 million. An additional 75,000 points will be issued and the relevant liquidation fees will be refunded.

In addition, Lighter stated that the second season points distribution event will be held every Friday starting from October 17, with the first round of airdrops being 600,000 points.