Defi Platform Compound Bug enables users to claim tokens of $ 88 million-
Defi Platform Compound Bug enables users to claim tokens of $ 88 million-
Compound, one of the brand defin protocols in the Ethereum blockchain, has an error that enables users to reclaim unusually high amounts of its native tokens. The problem was caused by the implementation of a proposal that changed the contract that awards the token to users. The founder of Compound Labs, Robert Leshner, explained that the user funds were secure and that the error had to wait seven days due to the platform guidelines until it was patched.
Composed hits with distribution error
Compound, one of the leading decentralized financial platforms based on Ethereum, has an error that enables users to claim more compon to the native token of the protocol than you normally can. The error was a product the application of the governance proposal 062, which changes the relationship.
According to Robert Leshner, founder of Compound Labs, this was the result of the code for the proposal, which was written by a community member, which was supported by other community members. About it, leshner specified :
This is the greatest chance and the greatest risk of a decentralized protocol - that an open development process enables an error to go into production.
The effects of the error are limited to the COMPS available in the compatractor's smart contract, which are around 280,000 COM worth $ 88 million at the time of the letter.
lack of quick fix leads to frustration
Due to the governance processes and the guidelines for applying governance changes to the platform, there is no quick and easy solution for this problem. Each governance requirement needs at least seven days to be adopted, approved and applied. Proposal 063, which was presented by some community members, deactivates the possibility of claiming Compr until the error is fixed.
Leshner tried to warn the community members that he would report them to the IRS as income and reveal their identity if the majority of the claimed comper were not returned. This caused almost universal turmoil among compound users who questioned how decentrally the protocol really is.
Lesher ultimately resigned to this confirmation:
I'm trying to do everything I can to help the community get something back from your componity, and this was a bony tweet / approach. That is up to me.
Compound adapts its offer to tempt institutions to use its services. The company announced the introduction of a service called treasury in June, the institutions in this area offer stable return should.
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