The futures market for the unprecedented plasma token XPL on decentralized exchange hyperlichid experienced one of its most volatile negotiation episodes until night, with more than $ 160 million in open interest annihilated in less than 10 minutes.
More than 80% of the pending positions were settled, collapsing the open interest from $ 160 million to only $ 30 million while cleaning the entire side of the sale of the request book.
A merchant wrote how they were trying to “cover their XPL position with 1x leverage”, only for the price to be “manipulated”, resulting in the loss of $ 1.4 million.
The XPL price increased up to $ 1.80, increasing more than 200% in two minutes to stimulate a series of mass liquidations.
According to the reports, an operator triggered the butcher shop going long tens of millions of dollars in XPL, effectively emptying the book of orders and forcing an automatic delight waterfall.
The wallet obtained $ 16 million in profits within a minute of relaxing part of the position, while maintaining a long exhibition of more than 15 million XPL worth $ 10 million.
Another merchant, known in X as Techno_revenant, closed a long time of $ 20 million through the automatic front and scored almost $ 25 million in earnings. Others were less fortunate: “1x without leverage, it counts destroyed, just covering the 50% XPL allocation,” X User Staberuid wrote.
Chaos occurs a few days before the official launch of the plasma token xpl. Plasma, a stablecoin -centered block chain backed by Founders Fund, Framework Ventures and Bitfinex, recently filled a USDT $ 250 million yield program in Binance in less than an hour.
