- A non-critical error was found in one of the contracts of DeFi altcoin project Convex Finance.
- This was causing the team to unlock all the tokens from the old contract and redistribute a new contract.
- According to Convex’s team, the error did not jeopardize user funds.
DeFi altcoin project Convex Finance has been notified of a bug in its vlCVX reward system that requires the team to issue a new contract. Convex said no funds were lost and “user deposits are not at risk.” cryptocoin.com We have compiled the details for you, let’s examine the subject together…
A bug has been detected in the DeFi altcoin project Convex Finance!
Convex Finance had to unlock CVX locked from a contract today due to a non-critical error. The locked CVX contract was redeployed after a bug was discovered in the reward system. All CVXs locked in the contract containing the bug have been unlocked, meaning users who have locked CVX tokens for voting must withdraw them if desired and re-lock them in the new contract. Vote locked CVX tokens represent locked Convex tokens that reward platform fees and grant voting rights.
While the bug wasn’t dangerous to user funds, it did allow for the possibility of “relocking expired locks directly to a new address”, making them claim more cvxCRV rewards than they earned. The contract could not simply be patched, as Convex’s contracts were “immutable and cannot be upgraded,” meaning a new contract had to be reissued and the old contract abandoned.
The CVX token fell 15% due to the news!
Employees at Popcorn, a revenue generator that simultaneously finances social influencers, alerted Convex to the existence of the error and will receive a reward from Convex’s treasury in return. Convex Finance is a protocol that allows return generation and liquidity and helps users achieve higher returns from Curve, an automated market maker with the highest aggregate value locked between any decentralized finance platform.
DeFi altcoin project Convex allows users to earn Curve staking rewards while maintaining liquidity through the issuance of cvxCRV tokens after locking the CRV. cvxCRV can only be traded at a small discount while earning returns while the CRV remains locked. This mechanism has allowed Convex to perform well, with its total locked value exceeding $20 billion earlier this year. The CVX token fell 15% on the impact of the news and is now trading on the green board.
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