In Brief:
- Compound Finance has passed proposal 064 that will restore the bug
- For the majority of users, the COMP Distribution will return to normal after execution
- The proposal is expected to execute on Oct 9 2021.
Compound Finance has passed proposal 064 that will restore the bug introduced by Proposal 062.
The recent proposal 064, will pessimistically allow COMP reward withdrawals until the bad COMP accruals can be fixed.
The proposal passed unanimously on Oct 7, with 1,037,107 tokens promised for it and none against it. The top voting addresses were Andreessen Horowitz, Compound heavyweight backers, Gauntlet, and CEO Robert Leshner.
“For the majority of users, the COMP Distribution will return to normal after execution. Certain users (that hit the 62 bug) will be unable to claim COMP until after a future patch,” The Compound Labs tweeted. The company confirmed the proposal is now expected to execute on Oct 9 2021.
As of 30 Sept, compound finance bug places 280k COMP tokens at risk. Proposal 062 went live, changing the distribution to suppliers and borrowers based on governance set rations. This put all of the COMP tokens in the Comptroller contract at risk, but not those in the Reservoir.
Soon after proposal 063 was passed to prevent further COMP from being distributed until the correct logic is restored. To pass a proposal takes two days of review, three days of voting, and another two days for Timelock.
On Oct 4, the founder of Compounds labs, Robert Leshner, said that about $162M is at risk. The bug was first reported by Banteg Yearn Finance’s core developer. The protocol drip() was called. The drip() makes COMP tokens held in Compound Reservoir claimable to users.
