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

ChainCatcher news, the perpetual contract trading platform Lighter announced that it will distribute 250,000 points as compensation to traders affected by the market crash. The official statement indicates that this compensation will be executed in three categories:

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

Second, during the market collapse, LLP holders' assets dropped by about 5%, and the platform will issue 25,000 points as compensation, along with further clarification of the LLP liquidity mechanism in the technical documentation;

Finally, approximately 5 hours after the market recovery, the platform experienced a short downtime of 4.5 hours due to a database failure, resulting in losses of about 7 million USD. An additional 75,000 points will be issued, and relevant liquidation fees will be refunded.

In addition, Lighter stated that the second quarter point distribution event will take place every Friday starting from October 17, with the first round of airdrop totaling 600,000 points.