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- 🎉 The #CandyDrop Futures Challenge is live — join now to share a 6 BTC prize pool!
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Backpack CEO announces a new Risk Management strategy, emphasizing the transparency of the liquidation mechanism.
Gate.io News bot message, Backpack CEO Armani Ferrante issued a statement regarding the FTX and Alameda incident. He announced that the company has taken multiple measures to strengthen Risk Management and ensure the safety of user funds.
Ferrante emphasizes that Backpack does not establish its own market makers, with 99.82% of settlements executed on the order book to avoid conflicts of interest. The company implements a three-step settlement process: order book priority, backup liquidity, and automatic deleveraging, and sets up a price impact zone mechanism to control market volatility.
Source: wublock123