Decentralized exchange DYDX has released a post-mortem and community update detailing plans to compensate traders affected by a chain that halted operations for nearly eight hours in last month’s market crash.
The exchange said on Monday its management community will vote to compensate the affected entrepreneurs with $ 462,000 from the protocol’s insurance fund.
Dydx wrote that the October 10 outage stemmed “from a process error, and its duration was compounded by delays in validators restarting their Oracle Sidecar services.” According to DEX, when the chain resumed, “The matching engine processed trades/liquidations at incorrect prices due to stale oracle data.”
Dydx said no user funds were lost onchain, but some traders suffered liquidation-related losses during the outage.
The DYDX management community voted to decide whether the affected traders should be compensated with funds drawn from the protocol’s insurance funds.
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Binance’s response to market turmoil
October’s crypto market crash, which is being wiped out Over $19 billion in positions and the largest liquidation event in crypto history, also tested Binance’s trading services as the exchange faced falling volatility, user concerns and regulatory attention.
Traders criticized the exchange for technical glitches that stopped them from closing positions, including interface problems that showed many tokens priced below zero, and Athena’s USDE depeg (USD) synthetic stableCoin.
While Binance does not assume any responsibility for traders’ losses, it announced a $400 million relief initiative For affected entrepreneurs, including $300 million in token vouchers and $100 million for ecosystem participants who were affected.
Binance launched A $45 million BNB token airdrop to Memecoin Traders who suffered losses in the crash to “boost confidence in the market.”
In sum, the exchange Promised $ 728 million for entrepreneurs affected by the sell-off.
Magazine: Delayed
