Blockchain

Compound unanimously approved the fixed proposal

Compound Finance announced the adoption of Proposition 064 entitled “Fixing COMP Accrual” on October 7th. The proposal states that this update will attempt to “correct the bug introduced in proposal 62 and allow the pessimistic disbursement of COMP bonuses until the poor COMP provisions can be corrected”.

The proposal, which was mainly written by the community members who proposed the original upgrade, received a COMP consensus vote of 1,037,107 yes-votes and 0 no-votes from 27 key addresses, including CEO Robert Leshner, Andreessen Horowitz’s A16z, Gauntlet and Pantera Capital. The proposal is now to be implemented on October 9th.

Users who have interacted with the six affected markets – cTUSD, cMKR, cSUSHI, cYFI, cAAVE and cSAI – will not be able to claim rewards from their deployed COMP tokens until the issue is fully resolved.

https://twitter.com/compoundfinance/status/1446105336704864256?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener sponsored

On September 30th, Cointelegraph reported that a community-written Proposition 062 token distribution bug exposed a potentially devastating flaw in financial distribution where users of the protocol could falsely claim COMP tokens valued at $ 70 million.

If it is mined to the maximum, this error threatens to suck up all the COMP tokens contained in the comptroller contract, so that only the ones remaining in the reservoir contract remain.

Efforts to resolve the immediate crisis were fueled by Proposition 063, which took 7 days to produce due to the review, reconciliation, and timeout procedures in place in the Protocol. This lasted 2, 3 or 2 more days.

However, a seven day delay allowed a malicious company to take advantage of the trickle () function and transfer $ 68.8 million from the reservoir to Comptroller, increasing the pool of distributed COMP rewards.

The webmaster has revealed the reason for the next iteration of the proposal:

“Proposition 63 prevents further distribution of COMP until the correct logic is restored, but causes problems for protocols built into Compound and requires claims functionality.”

Proposal 064 is designed to address Compound’s accumulation problems, but lost funds can only be recovered on an individual basis – a decision that the protocol says is left to the ethical discretion of each user.

 

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

40 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.