Dear Community,
You may have become aware that we have experienced several errors during this week, most notably affecting your ability to trade, and in some cases account access and page loading times.
You might have seen an error message that looks like this.
Rest assured that our developer team is working hard to resolve these issues and implement a fix as soon as possible.
However, our re-assurance is not enough, it's important for you to know how you may be affected when it comes to trading, and what will be done in the event that you encounter these issues. Furthermore, you should know where we stand on accountability.
Position Liquidations
Leveraged trading is a double-edged sword. While it increases your potential gains, it also maximizes your potential losses. Morpher uses negative balance protection on a position basis. This means that if your position within a single market falls to 0 (a return of -100%), this position is automatically liquidated by our smart contract. This is common knowledge, and we've documented how leverage works in our guide.
Many traders used to leveraged trading will monitor their trades carefully, and will attempt to close them before they liquidate. The errors that we've seen happen this week directly affect the ability of a user to trade, preventing them from opening or closing positions. You may find that if this error period persists, that you are unable to close your position, and it may ultimately liquidate despite your efforts to close your position before that would normally occur.
If your position is liquidated, and you were unable to close it due to an error on Morpher we will reimburse your tokens.
You must show that you tried to close or manage the position, but were not able to due to an error, prior to the liquidation. The best way to do this is by providing us with screenshots of the problem in action, or provide an accurate and detailed description of your actions at the time of the problem. We are able to review trading logs, and activity history, in order to validate whether you really tried to close the position or not, and whether you tried to login or not.
We will not reimburse users who got liquidated simply because of the excessive risks they assumed. If you placed a high levered trade, didn't check for three days - only to find that it's liquidated; that's your fault.
We will not reimburse users where their own actions are to blame. An example of this is forgetting your password, not being able to access your account, resulting in failing to manage your position. That's your fault.
Excessive Losses
You could have sustained excessive losses due to various issues that I've mentioned here. Like with liquidations, you must prove to us that you tried to do something about it.
This is a little bit tricky, because we have to take into account how quickly you presented the issue to us. If you originally tried to close the position, but then the market rallied, you made other trades, and then the position fell again - we will not reimburse you. You made a conscious decision to keep trading onwards in spite of the fact your trade failed to close before. This is only to ensure that users don't use these errors, and our commitment to make things right, maliciously to benefit themselves.
Opportunity Cost
This is a major issue that was brought to my attention in the community. You might have missed out on some profits when you were unable to trade. For example, WAVES has rallied +50% in the last couple of days, and someone could make the argument that they wanted to go long, but couldn't.
If there is evidence on chain that you have tried to enter a position in a market, but couldn't, and missed out on potential profits we will address the claim appropriately. What makes this difficult is that we don't know when you would have closed the position. Maybe you would have closed it immediately and not gained a significant amount of tokens. This is why we will use our best judgement, taking into considerations your token balance, price action, and any other evidence we are presented/find to reimburse you with an amount we deem appropriate.
What you need to do if you're affected:
If you were affected by any of these issues then you have to do the following:
Collect evidence: You might be reading this thinking "oh snap! that happened to me!" and it's too late for screenshots, but if you have any then please provide them.
Describe: Write down exactly what happened.
- When did you login?
- What position was affected?
- What did you try to do?
- What errors did you encounter?
- How has your balance been affected?
Submit: Send your issue to ivan@morpher.com from your Morpher e-mail address with the subject line "FAILED TRADES"
We will treat each issue on a case-by-case basis. It's our goal to ensure that our users have an amazing trading experience at Morpher, and don't want these errors to get in the way of that. We messed up, but we're making things right and ensuring you have a product that you can trust.
Please note that it may take a couple of days to resolve some of your issues. Don't worry, I will make sure to review each one, just please be patient.
