Decentralized lending platform Compound has been plagued by a code bug in a recent governance proposal to update its price feeds.
“The primary issue right now is a temporary denial of service for the cETH market which will be resolved by the new governance proposal. No funds are at risk at this time. The rest of the cToken markets on Compound V2 and all of V3 remain functional.”
However, Lewellen added that “any users that deposited ETH and obtained cETH for opening borrow positions must be aware that they might get instantly liquidated whenever the fix proposal executes if by that time the price of ETH has dropped significantly.” But, the CEO of Compound Labs, Robert Leshner, also added that users can still repay any debt and add collateral to avoid liquidation.Compound Labs noted the code bug came despite the oracle contract being audited from three separate smart contract auditing companies, with OpenZeppelin and ChainSecurity among the recent firms to have audited Compound’s smart contracts.
Proposal 117 itself didn’t appear to be a controversial one, with all 696,665 votes from 245 different wallet addresses in favor of the price feed upgrade. Crypto investment firm Polychain Capital cast the most votes in favor of the proposal. According to DefiLlama, Compound is the third largest decentralized lending platform, with a $2.67 billion total value locked . The news has not affected Compound (
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