Decentralized finance (DeFi) platform Compound (COMP) announced that they had a code error in the management proposal to update their price streams and temporarily stopped their operations.
Compound Labs official twitter In the news announced on his account, Compound3 It was stated that they encountered an error in the code chain that provided the update of the price flow in the version.
included in the update Proposal 117 After the congestion experienced as a result of an error in the proposal, CETH operations have been suspended. Stating that all assets belonging to users are safe, the company stated that the source code of the error is located. Proposal 119 announced that they are trying to solve the problem by updating it with After the disclosure, the faulty source code was repaired within hours and the system update was completed successfully.
Although the source code was changed within hours, it was necessary for this code to work actively on the network. From a 7-day community endorsement known to pass. Therefore, in order for cETH transactions to be available again, it is necessary to wait for the completion of the one-week approval process.
Compound CEO Lewellenmade statements that no user assets are at risk, as well as that Ethereum deposits continue in a healthy way:
The main issue here is that ceTH markets are experiencing temporary denial of service, which will be resolved with the new governance proposal. No funds are currently at risk. Other cToken markets in Compound V2 and V3 will remain active.
Although there was a short-term downward movement in the price of Compound after these negative developments, there was no major retracement. At the time of writing the news $47.95 Compound, which is traded in the markets at 1.75% observed to decrease.