Compensation and Resolution for the Brief Perpetual Contract Latency on August 11th

Dear KINE users,

We regret to inform you that Aug 10, between 19:50 and 00:20 (UTC+8), we experienced the most severe latency issues since our launch. This caused inconvenience and difficulties for some users during the trading process. We sincerely apologize for any inconvenience caused.

Recently, we introduced the groundbreaking Super Blind Box feature, which was the first of its kind in Web3 and received an overwhelming response from markets worldwide. A large number of users registered and started trading on KINE, resulting in a rapid increase in platform traffic by several tens of times. This led to a brief period of latency.

We always prioritize user interests, and this latency issue triggered the platform's compensation fund mechanism. We will fully compensate for any losses incurred due to this issue. Here are the details:

  1. Liquidation/Stop Loss Compensation: If you set up a plan order with take-profit or stop-loss conditions between 19:50 on August 10th and 00:20 on August 11th (UTC+8), but it did not execute due to the trigger conditions being met, or if you experienced liquidation due to the inability to close positions caused by the latency, you will receive full compensation, and the platform will bear the losses entirely.

  2. Equivalent trading fee deduction coupon: If you had profitable positions during this period but were unable to close them without resulting in liquidation, we will provide trading fee deduction coupons as compensation to express our apologies.

Due to the large number of global users on our platform, we will quickly gather data and initiate the compensation process. All compensations will be completed by no later than tomorrow morning at 12:00. Please be patient as we arrange them by orders.

KINE is a decentralized trading platform where your funds remain under your control. The prices of trading pairs are determined by an oracle feed that gathers average prices from major institutions. These prices are then executed through smart contracts, ensuring that the platform cannot intervene. To ensure transparency and fairness, buy and sell orders are automated by smart contracts without any platform interference.

We have maintained our industry-leading position by consistently innovating products and implementing intelligent risk control measures. Despite extreme market conditions, we have successfully upheld stable operations over the past three years.

Since our platform's early days, we have allocated a million USDT compensation fund specifically for risk control systems. This fund compensates users for any asset losses resulting from platform latency issues, enhancing the safety and stability of trading on KINE. We stand by our commitment to bear responsibility and provide unconditional compensation in case of asset losses due to platform-related reasons.

We appreciate your trust and support in KINE. We will continue to strive towards creating the world's best and largest decentralized trading platform. Our goal is to deliver a seamless trading experience, guaranteeing fair and transparent data while ensuring an exceptional, convenient, and secure trading environment for all our users.

Kine Protocol Team

Aug 12, 2023

Last updated