Lending platform Compound Finance has stopped lending and withdrawing collateral for cETH tokens due to an error while updating the project. The blocking of funds will last 7 days.
The developers emphasized that users can still pay out funds and add collateral to their loan to avoid potential liquidation. An update error also caused the platform interface to become inoperable for a certain period of time.
As part of Proposition 117, the developers planned to add new price feeds to Chainlink’s decentralized oracle network. However, an error crept into the code in the “getUnderlyingPrice” function – it returns zero values for the price of cETH tokens, which led to the blocking of funds. There is now a proposal to cancel the update, but it takes 7 days to go into effect.
“At the moment, the funds are safe. It looks like it will take us 7 days to get the cETH pools back to normal. Additional protocol management proposals may be needed to remedy the situation,” said Compound founder Robert Leshner.
The Compound protocol ranks third in terms of the volume of blocked assets in the lending market. At the end of last year, the American cryptocurrency exchange Coinbase added support for the platform.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
