Decentralized replace dYdX launched a post-mortem and neighborhood change detailing plans to compensate merchants plagued by a series cessation that paused operations for roughly eight hours correct thru final month’s market rupture.
The replace stated on Monday that its governance neighborhood will vote on compensating affected merchants with up to $462,000 from the protocol’s insurance fund.
DYdX wrote that the Oct. 10 outage stemmed “from a misordered code task, and its duration was once exacerbated by delays in validators restarting their oracle sidecar companies and products.” Primarily based totally on the DEX, when the chain resumed, “the matching engine processed trades/liquidations at wrong prices because of fashioned oracle data.”
DYdX stated no client funds were lost onchain, but some merchants suffered liquidation-related losses correct thru the cessation.
The dYdX governance neighborhood will vote to resolve whether or not affected merchants need to aloof be compensated with funds drawn from the protocol’s insurance fund.
Binance’s response to market turmoil
October’s crypto market rupture, which wiped out roughly $19 billion in positions and was once the final note liquidation event in crypto historical previous, moreover examined Binance’s trading companies and products because the replace faced surging volatility, client concerns and regulatory consideration.
Traders criticized the replace for technical glitches that stopped them from closing out positions, including interface complications that confirmed several tokens priced below zero, and the depeg of Ethena’s USDe (USDE) artificial stablecoin.
Whereas Binance didn’t judge any approved responsibility for merchants’ losses, it announced a $400 million relief initiative for affected merchants, including $300 million in token vouchers and $100 million for ecosystem contributors who were affected.
Binance launched a $forty five million BNB token airdrop to memecoin merchants that suffered losses correct thru the rupture to “enhance market self belief.”
In entire, the replace pledged $728 million for merchants plagued by the promote-off.
