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The CEO of Compound acknowledged that "funds are not immediately at risk" despite the coding problem plaguing the cETH market and affecting Compound's front-end user interface.
A recent governance proposal to update the pricing feeds of Compound, a decentralized lending platform, was hampered by a programming error.
Although the front end isn't operating and the Compound Ether (cETH) market has "temporarily stopped," according to Compound Labs, "funds are not immediately at risk."
On Wednesday, Compound Labs revealed that the code error was caused by Proposal 117: Compound Oracle Upgrade v3, which was recently implemented to upgrade the oracle contracts on the Compound protocol to a new version that uses Uniswap V3 rather than V2 for price feeds.
Compound Labs stated that it intended to use Proposal 119: Oracle Update to return to the prior price feed in response to the cETH market briefly freezing.
Although the new proposal was made less than an hour after Proposal 117 was carried out, it must go through a seven-day governance process before it can go into effect.
According to an update from OpenZeppelin security solutions architect Michael Lewellen, the “getUnderlyingPrice” method contained a fault that resulted in the call being reverted since it failed to update the price of cETH tokens.
Lewellen added that no money is in jeopardy: The new governance approach will address the current main problem, which is a temporary denial of service for the cETH market. There are currently no funds at risk. All of V3 and the remaining cToken marketplaces on Compound V2 are still operational.
Lewellen did add, though, that “any users that deposited ETH and acquired cETH for starting borrow positions must be informed that they might get promptly liquidated whenever the fix proposal occurs if by that point the price of ETH has plummeted significantly.”
However, Robert Leshner, the CEO of Compound Labs, also said that customers could still pay off any debt and provide security to prevent liquidation.
Compound Labs revealed that the coding problem persisted despite the Oracle contract having through three independent smart contract audits, including most recently by OpenZeppelin and ChainSecurity.
With 696,665 votes cast for the price feed improvement across 245 different wallet addresses, proposal 117 itself didn’t seem contentious. The proposal received the highest votes (306,146) in support from the cryptocurrency investment company Polychain Capital.
Compound, with a $2.67 billion total value locked, is the third-largest decentralized lending platform, according to DefiLlama (TVL). Compound (COMP), currently trading at $48.27, has not yet been impacted by the news.