Loraq publicly requested on X (formerly Twitter) on the 8th that Lighter increase liquidity in the PONS/USDG exchange. The request was based on the fact that Loraq holds a position of roughly 27,750,000 contracts—about three times its typical size—in this market.
Following the request, Loraq reached out directly to the chief executives of Vlad Tenev and $HOOD and discussed with them through the Market Operations Committee how best to expand liquidity. According to reports, it appears that Loraq built a trading volume engine related to Lighter and used an off‑chain keyper to execute trades.
Loraq is currently responding swiftly to the market’s safety net settlement (OI) level set by the regulator, and said it plans to gradually increase its position thereafter. OI refers to the size of forward‑and‑future product contracts that have not yet been settled. Based on Hyperbot data, Loraq’s PONS public‑market position is valued at about $21.7 million (roughly 29.2 billion KRW), and its estimated profit/loss is roughly $3.30 million (about 4.4 billion KRW). These figures and losses are noteworthy because they show past volatility.
This request has been recorded as a case where the public market operations committee demanded an adjustment, but whether $HOOD actually responded or Lighter supplied additional liquidity to the PONS/USDG market remains unconfirmed. Nonetheless, it was noted that if sufficient liquidity is not secured, there is a risk of price swings and increased burden on position management during large‑order settlement processes.