Protocol upgrade accidentally freezes ETH on Compound for 7 days
EthereumProtocol upgrade accidentally freezes ETH on Compound for 7 days09 / 01 / 2022Balita ng Ethereum ng Bitcoin Compound Finance, a borrowing and lending platform, executed a governance proposal updating its Chainlink price feeds that contained a code error. This code error is causing people lending and borrowing cETH (Compound ETH) to have their transactions reverted. This means users canot borrow or withdraw collateral. Users still will be able to repay debt and add collateral to borrowed positions with other assets to avoid potential liquidation. The code error also caused Compounds frontend to stop working temporarily. “No funds seem immediately at risk,” Compound founder Robert Leshner said on Discord. “It will likely be seven days until cETH is functioning normally. There will potentially be more governance proposals to rectify the situation.” The frontend should be back up “shortly,” Leshner said 3:47 p.m. EST. A new governance proposal has been put forward to revert to the formerly used price feeds. This proposal will take seven days to go into effect, which is why the cETH market is temporarily frozen and users canot borrow or withdraw collateral. Compound is currently ranked third overall in total value locked within the decentralized lending market, according to DeFiLlama. © 2022 Ang Block Crypto,