Behind the record high in volume: A price malfunction of XPL on Aster triggered liquidations, and the platform quickly completed full compensation.

The derivatives exchange Aster encountered a technical failure on September 25, causing its Plasma (XPL) Perptual Futures price to unexpectedly soar to nearly $4, while prices on other platforms were only around $1.30. This pricing error led to unexpected liquidations and abnormal fees for users. Aster responded quickly, distributing full compensation to affected accounts within hours, covering trading losses and liquidation costs, successfully regaining user confidence. Despite the technical issues, Aster's volume continued to surge this week, with a record single-day trading volume of $46 billion on Friday, significantly surpassing major competitors Hyperliquid and Lighter.

The Beginning and End of XPL Price Malfunction and Aster's Quick Response

The dramatic price anomaly in the XPL Perptual Futures market on the Aster platform exposed the technical risks in derivatives trading while also demonstrating the platform's efficiency in crisis management.

· The root cause of price errors

Web3 entrepreneur Abhishek Pawa explained that the issue stemmed from an index configuration error, which incorrectly hardcoded the index price of XPL to 1 dollar. When the platform lifted the cap on the mark price before implementing the fix, the XPL futures price surged dramatically from 1.30 dollars to nearly 4 dollars.

· The platform decisively compensates in full.

Price anomalies have led to unexpected liquidations and abnormal fees for some users. Aster quickly made a commitment, assuring traders that all funds are safe and promising full compensation for all losses.

· Compensation in two rounds: Within hours of the event, Aster confirmed that the first round of loss compensation had been distributed to the affected accounts. Subsequently, the platform deployed the second round of compensation, covering all costs incurred during the trading and clearing process.

· Market feedback: Aster's swift and comprehensive compensation has effectively alleviated community concerns and maintained the platform's reputation.

Record Volume: Aster Solidifies DEX Leadership

Despite the technical incident, the Aster platform has still maintained an astonishing rise trajectory this week, continuously breaking volume records.

· Volume continues to hit new highs

DefiLlama data shows that Aster set a single-day volume of 46 billion dollars on Friday, driving the total trading volume of the entire Perptual Futures DEX to 104 billion dollars, marking the fourth consecutive day that the daily trading volume record has been broken in this field.

Surpassing major competitors: Aster's volume performance significantly outperforms competitors Lighter (nearly $19 billion) and Hyperliquid (nearly $17 billion).

Volume Surge: Aster's trading volume surged starting Wednesday, with its daily trading volume reaching nearly $25 billion, surpassing long-time competitor Hyperliquid for the first time.

Open Interest: Current CoinGlass data shows that Aster's Open Interest remains at a high of $1.15 billion.

· Community disputes and risk warnings

Aster's astonishing rise speed has triggered polarized reactions of praise and concern within the community. Some users have questioned the current volume, believing it may be the result of airdrop incentives driving false trading activity. Community discussions are generally focused on the sustainability of the current trading model, urging traders to remain vigilant during periods of high activity.

Token Market Performance: XPL Rises Strongly, ASTER Quickly Recovers

After the price malfunction, the market performance of the two core tokens ASTER and XPL was markedly different.

· ASTER quickly rebounds

The ASTER token price fell from $2.03 to $1.74, a drop of 14%, after the fault message was released. However, as the platform quickly completed the compensation, the market digested this positive response, and the ASTER price has recovered to $1.91.

Market Position: The ASTER token was launched just over a week ago, and its current market capitalization is approximately $3.18 billion, ranking 36th among the top 100 cryptocurrencies by market capitalization.

Celebrity Effect: CZ successfully expressed recognition of the token after its airdrop, although he later apologized for endorsing it.

· XPL rises against the trend

As the native token of Plasma, XPL has demonstrated strong resilience, as its price rose nearly 60% to $1.20 within 24 hours despite a technical failure.

Project Background: Plasma is a Layer-1 network optimized for stablecoins, offering zero-fee USDT transfers and EVM compatibility, supported by well-known venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.

Ecosystem Heat: Plasma is extremely popular in the DeFi ecosystem. For example, the USDe lending market of Ethena reached its supply limit (1 billion USD) within hours after launching on Aave last Friday.

Conclusion

Aster exchange's quick and responsible attitude in handling the XPL price malfunction incident has undoubtedly earned it trust points in the fierce DEX competition. Although technical challenges did not prevent the platform from achieving an astonishing trading volume record of $46 billion, discussions within the community about the authenticity of the trading volume and the sustainability of incentives remind market participants to remain cautious during high growth periods. As the popularity of the XPL token, based on Plasma Layer-1, continues to rise, Aster must remain vigilant in handling high-risk trades and maintaining platform stability to truly convert its explosive trading volume into long-term market leadership.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.