Compound CETH Market Bricked By Replace 7-day Wait On Vote To Repair It

Lance K. Harper 0

Decentralized lending

platform Compound

has been affected by a code bug in a latest governance proposal to replace its worth feeds. 

The code error has "shortly frozen" the Compound ETH (cETH) market, inflicting cETH proceedings to turn back, notwithstandin Compound Labs said that regardless of the entrance finish not working, "medium of exchange system imagination aren't instantly in danger."


Compound CETH Market Bricked By Replace 7-day Wait On Vote To Repair It
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Compound CETH Market Bricked By Replace 7-day Wait On Vote To Repair It

Compound Labs introduced on Aug. 31 that the code bug got here from Proposal 117: Compound Oracle Improve v3, which was applied few hours in the past to replace the seer contracts on the Compound communication possibility communications protocol to a brand new model that makes use of Uniswap V3 instead of V2 for worth feeds.

In response to the cETH market shortly freezing, Compound Labs expressed it aimed to turn back to the earlier worth feed through Proposal 119: Oracle Replace. The brand new proposal was created lower than one hour after Proposal 117 had been executed, still it now must undergo  seven-day governance course of earlier than taking impact.

Based on an replace from Safety Options Architect Michael Lewellen of OpenZeppelin, the code bug got here from the "getUnderlyingPrice" perform, which didn't replace the worth of cETH tokens, which power return

empty bytes

and trigger the decision to be turn backed.

Lewellen additionally reaffirmed that no medium of exchange system imagination are in danger:

"The first concern proper now could be a brief denial of service for the cETH market which will probably be resolved by the brand new governance proposal. No medium of exchange system imagination are in danger presently. The remainder of the cToken markets on Compound V2 and all of V3 stay useful."

Nevertheless, Lewellen added that "any customers that deposited ETH and obtained cETH for opening take over positions have to be conscious that they may get straightaway liquidated at any time when the repair proposal executes if by that point the worth of ETH has born considerably."

However the CEO of Compound Labs Robert Leshner additionally added that customers can yet repay any debt and add collateral to keep away from liquidation.

Compound Labs celebrated the code bug got here regardless of the

seer contract

being audited from three separate good contract auditing firms, with OpenZeppelin and ChainSecurity among the many latest companies to have audited Compound's good contracts.

Proposal 117 itself didn't look like a contentious one, with all 696,665 votes from 245 whole different pockets addresses in favor of the worth feed improve. Crypto funding agency Polychain Capital solid basically the most votes (306,146) in favor of the proposal.

Based on DeFi Llama, Compound is the third largest localised lending platform, with $2.67 billion complete worth fastened (TVL). The information has not affected the Compound token, COMP, to this point which is now priced at $48.27.