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Just saw that Lighter tested their new LLP system during a pretty dramatic event. Yesterday, (February 26), a trader opened a long position on ARC Perpetuals that reached $50 million, with about 600 traders taking the opposite side. What was the result? An automatic large leverage reduction that caused the vault to lose $8.2 million.
What’s interesting is that Lighter divided the LLP liquidity into separate strategies. So, ARC Perpetuals was categorized under strategy number 7, which only had $75,000. This means liquidity providers didn’t lose everything—only the portion related to ARC. It seems this system worked exactly as designed.
But that doesn’t mean ARC grew. The coin dropped 9% in the 24 hours after the event and is now around $0.07, down from its peak of $0.64 in January. There’s some debate about whether market manipulation was involved, but regardless, Lighter appears to have managed the situation well.