Compound Finance announced its acceptance of Offer 064 on Thursday under the title “Fix COMP Bug Fixes”. The proposal states that this update will seek to “correct the error made in Proposition 62 and pessimistically allow COMP rewards to be withdrawn until bad COMP periods are corrected.”
The proposal, written largely by the same members of the public who proposed the initial update, was voted unanimously by COMP 1,037,107 0 to 27 major titles, including CEO Robert Leschner, Andreessen Horowitz A16z, and Gauntlet. and Pantera Capital. This proposal is expected to be implemented on Saturday.
Users who interact with the six affected markets – cTUSD, cMKR, cSUSHI, cYFI, cAAVE and cSAI – will not be able to claim rewards from eligible COMP tokens until the issue is fully resolved.
Cointelegraph reported last Friday that a token distribution error in Community Proposal 062 exposed a potential financial distribution error in which users of the protocol could incorrectly claim $70 million worth of COMP tokens.
When fully used, the error threatens to empty all COMP codes contained in the controller nodes, leaving only those codes remaining in the tank nodes.
Attempts to address the crisis began immediately with Proposition 063, which took seven days to reach production due to protocol management’s review and vote procedures and time constraints. This lasted two, three, and two more days, respectively.
However, the seven-day delay allowed a malicious device to use the drip() function and divert $68.8 million from tank to console, increasing the amount of misallocated COMP rewards.
The site administration reveals the reason for the additional repetition suggestions:
“Proposition 63 prevents further COMP deployment until the correct logic is restored, but it causes problems for complex composite protocols that have functional requirements.”
Proposition 064 is expected to solve compound accrual issues, but the lost funds can only be compensated on an individual basis – the solution specified in the protocol depends on each user’s ethical judgment.