cETH compound market is blocked by the update - 7 days waiting before the vote to fix it

The code bug plagued the cETH market and affected the face of Compound front end user, but the CEO confirmed that " funds are not immediately available risk.”

Decentralized lending platform Compound was plagued by a code bug in a recent governance proposal to update its price feeds.

The code error has "temporarily frozen" the Compound ETH (cETH) market, causing cETH transactions to be rolled back, but Compound Labs said that despite the front end not working, "funds are not are not immediately threatened".

Compound Labs announced on August 31 that the code bug stems from Proposition 117: Compound Oracle Upgrade v3, which was implemented a few hours ago to update oracle contracts on the Compound protocol to a new version which uses Uniswap V3 instead of V2 for price feeds.

An hour ago, proposition 117 was executed, which updated the price feed used by Compound v2.

This price feed, although audited by three auditors, contained an error that results in voided transactions for ETH providers and borrowers.https://t.co/a2DFk7h0ET

In response to the temporary cETH market freeze, Compound Labs has stated that it intends to return to the previous price stream via Proposition 119: Oracle Update. The new proposal was created less than an hour after Proposal 117 was executed, but now must go through a seven-day governance process before taking effect.

According to an update from security solutions architect Michael Lewellen of OpenZeppelin, the code bug stemmed from the "getUnderlyingPrice" function, which did not update the price of cETH tokens, which would return empty bytes and would cause the call to be cancelled.

Read the following post for more details on a compound incident we are working to resolve for the cETH market. A fix is ​​already in progress...