DeFi protocol Compound (COMP) discovered flaws in proposal designed to raise price streams and temporarily froze cETH transactions.
Compound said users’ funds are not at risk and an update for a fix will be completed within seven days.
Compound Will Activate cETH Transactions in 7 Days
Compound noticed an error in bid 117, which was designed to raise price streams, and forced Compound to temporarily stop trading ETH (cETH).
According to the company’s post on Twitter, the system contained an error that caused transactions to be reversed for ETH suppliers and borrowers.
An hour ago, Proposal 117 was executed, which updated the price feed that Compound v2 uses.
This price feed, while audited by three auditors, contained an error that is causing transactions for ETH suppliers and borrowers to revert.https://t.co/a2DFk7h0ET
— Compound Labs (@compoundfinance) August 30, 2022
The team added that its users’ money is not at risk and its interface is currently inaccessible due to the price difference.
According to the available information, the offer to undo the upgrade was processed 119 close to 1 hour after the bug was noticed. It is expected to be adopted and actively implemented after a seven-day management process.
The bug does not appear to have an immediate impact on the price performance of Compound’s COMP token. The token has been in a red candle run for the past 30 days. Its value has dropped nearly 4 percent over the past 24 hours and is trading at $48.
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