OptiFi fell victim to a Solana design flaw where closing a program causes it to shut down and lock up the funds held in the contract.
. As a result, they aborted the upgrade but not before the process created an intermediary account.
The developers then tried to reverse the creation of this intermediary account by closing the program. They used a command called “solana program close.” Unknown to the team, this command actually shuts down a protocol and freezes its tokens permanently. As such, the total value locked in the platform,“Here it turned out that we didn’t really understand the impact and risk of this closing program command line.
OptiFi says it has learned from the incident and will take steps to prevent the same event from happening again. The Solana DeFi protocol says it will employ a “peer-surveillance approach” in future contract deployments. This approach involves using at least three participants in the process to review the steps being taken by the deployer to prevent future mistakes. OptiFi also said that it plans to compensate all affected users.
The proposal has been pushed to the Solana GitHub repository but it is only the first step. Patel’s proposal will need to pass a technical review and then be designated as a feature . The majority of Solana validators will then need to approve the feature before it can be activated on the network. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.
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