Share this article
Market for Compound Ether Token ‘Frozen’ After Code Bug Kills Price Feed
Compound pointed to faulty code in a recent addition to the protocol as the problem and said a solution is days away.
By Sam Reynolds
Updated May 11, 2023, 4:44 p.m. Published Aug 30, 2022, 11:48 p.m. 1 min read
Decentralized finance (DeFi) lending protocol has suffered a critical failure, effectively halting the trade of Compound Ether (cETH), after a bug was discovered in the code that causes transactions for suppliers and borrowers of ether to revert.
- Users of the COMP protocol receive cETH when they deposit ether onto the platform.
- cETH was initially introduced in early 2020 and was one of the first tokens used for yield farming, or the practice of staking or lending crypto assets in order to generate high returns or rewards in the form of additional cryptocurrency.
- Compound says the code in the proposal, which aimed to update the price feed, was audited by three separate teams.
- A fix is coming in the next code proposal, but it will take seven days to go into effect.
- “All users should still be able to add collateral, even ether collateral. The interface is currently not loading, due to this price discrepancy, but will be operational again shortly,” Compound tweeted.
- Compound’s COMP protocol token seems largely unaffected by the news, down 1.8% during the last 24 hours.
More For You
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
What to know:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
