Compound, one of the major cryptocurrency lending protocols on Ethereum, is once again facing serious problems. According to banteg, developer of Yearn, someone called a post that moved more money to be available for users to claim. Now, users can claim up to $140 million in the protocol’s original currency, comp. Compound hopes that users will not claim these tokens and are rallying to correct the bug that caused this problem in the first place.
The compound is still vulnerable to exploitation
Composite, a decentralized finance protocol, exacerbated its current situation when someone asked for a job that put more money at risk of being claimed. The function, called a drip, sent more than 200,000 compounds (the original token for the compound) to the controller nodes, the component that was affected by a bug last week, allowing users to claim unusually large amounts of comp.
as To banteg, another leading challenge protocol developer, Yearn, this was “DeFi’s best kept secret.” The drip function moves funds between the “cold wallet” nodes of the token – which manages the tank – to the controller to be distributed among users. The developer also mentioned that five different titles could drain $45 million from these tokens, which would have a very detrimental effect on the asset’s price.
Lechner acknowledges the issues
Robert Lesnar, founder of Compound Labs, was quick to acknowledge this problem. He mentioned that this post has not been called for weeks and that he is is expected The error must be corrected before the new money is put at risk. Due to Compound’s governance peculiarities, the bug introduced last week is still pending approval of new proposals in order to implement a patch to rectify it.
However, Lesnar was optimistic about the future of the protocol, saying:
I’m optimistic about the patches that are making their way through the governance process, that are fixing the distribution, and the members of the community that are working to manage this bug.
The community advocates for changes in how governance proposals are managed and approved. Twitter user Suggestion Introduce a new type of governance proposal to deal with errors quickly, and treat them as emergency updates. This new event putting more coins at risk appears to have affected the company’s price, which has gone from $340 to $317 in just the last 24 hours.
What do you think about the issues of the compound and its governance model? Tell us in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
