Aster Exchange's XPL Token Debacle: A Price Spike Story
Update: 2025-09-26
Description
Decentralized exchange Aster faced its first major crisis after the XPL token's price dramatically fluctuated due to flawed price controls, leading to user losses. Aster quickly refunded affected users in USDT, but its own token value has since dropped as confidence wavers. On-chain analysis revealed XPL's hardcoded price and capped mark price as the root cause of the volatility, highlighting the risks of manually set price controls in perpetual futures trading.
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