Aster platform XPL contract price abnormal fluctuation, the official promises full compensation for user losses

Aster trading platform urgently responded to the abnormal fluctuation event of XPL Perptual Futures on September 26, confirming that the issue originated from a misconfiguration of system price parameters, rather than a security vulnerability attack. The platform has quickly fixed the problem and committed to fully compensating all users affected by liquidation with USDT, with the compensation process expected to be completed within a few hours.

Aster platform XPL contract abnormal fluctuation event chronology

On September 26, the Aster platform's XPL Perptual Futures suddenly experienced abnormal price Fluctuation, triggering a large number of users' liquidation. According to analysis by community technical experts, this incident was not caused by external attacks or system vulnerabilities, but rather by serious negligence on the part of the platform's operating team in setting the price parameters.

The specific technical reasons include:

· The index price was incorrectly hard-coded to a fixed 1 USD.

· The marked price has been set with a cap limit of 1.22 USD.

· When the price cap is subsequently removed, the price is erroneously hardcoded to 4 USDT.

This series of operations has caused a serious disconnect between the internal prices of the system and the actual market prices, triggering a large number of contract liquidations.

Aster platform released an announcement immediately after the incident stating: "We have noticed abnormal price fluctuations in the XPL Perptual Futures trading pair. Please rest assured that all user funds are safe. We are conducting a comprehensive review and will compensate affected users for their losses."

The platform quickly repaired and promised full compensation

As of the time of publication, the XPL Perptual Futures trading function has fully resumed normal operations. Aster officials have confirmed that all users who were liquidated during the abnormal period will have their losses accurately calculated and will be directly compensated in USDT to their wallets within the next few hours.

The platform's technical team stated that this incident has triggered a comprehensive upgrade of the internal risk control system, which will introduce a stricter price parameter review mechanism to ensure that similar issues do not occur again.

Latest Developments in the Plasma Ecosystem and XPL Token

(Source: CoinMarketCap)

It is worth noting that as the native token of the Plasma ecosystem, XPL has recently shown significant fluctuation. Shortly after its debut, it reached a historical high of $1.54, but has currently fallen back to $1.24. Nevertheless, XPL's current market capitalization still stands at $1.59 billion, ranking it as the 89th largest cryptocurrency in the world.

Plasma is a Layer-1 blockchain focused on optimizing stablecoins, utilizing the XPL token to support its staking consensus mechanism. The project has received investment and advisory support from industry heavyweights such as Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel.

Paul Faecks, CEO and founder of Plasma, recently stated: "This is the pinnacle of our team's efforts to make Plasma the perfect home for Money 2.0. The launch of the mainnet is just the beginning."

Plasma's unique token distribution strategy has sparked heated discussions in the community

Plasma became the focus of the industry in June due to its unique token issuance mechanism. The project attracted a pre-deposit of $1 billion before its Initial Coin Offering (ICO), where participants received the right to purchase tokens based on the amount and duration of their pre-deposit.

It is worth noting that Plasma has adopted an innovative reward distribution method, equally distributing 25 million XPL tokens to all depositors (approximately valued at 25.5 million USD based on current prices). This means that regardless of whether one deposits 1 USD or 10,000 USD, each participant receives the same amount of additional rewards, equivalent to about 8,390 USD.

This practice has sparked heated discussions on social media, with one user commenting: "The Plasma team is ensuring their little supporters have food to eat." Another user predicted: "FOMO is about to sweep in."

Plasma Future Development Plan

Plasma recently announced plans to launch Plasma One, a new banking service based on stablecoins. The service's credit card will use the Plasma blockchain as a payment channel and promises a 4% cashback on spending.

Faecks stated in a media interview: "This is just the beginning. The next step is to iterate at the chain level to make Plasma more suitable for stablecoin payments and to launch the best product so that stablecoins can be widespread globally, benefiting everyone."