Compound Labs Temporarily Freezes The cETH Market

Twitter icon  •  Published 4 months ago  •  Hassan Maishera

The Compound Labs team announced via Twitter on Wednesday that Proposal 117 was executed, which updated the price feed that Compound v2 uses.

The Compound Labs team announced via Twitter on Wednesday that Proposal 117 was executed, which updated the price feed that Compound v2 uses. The team explained that this price feed, while audited by three auditors, contained an error that is causing transactions for ETH suppliers and borrowers to revert.

Hence, the Compound team said it temporarily froze the cETH market. A new proposal, 119, has been created to revert to the previous price feed; this will take seven days to go into effect, the team added. 

Compound is an algorithmic, autonomous interest-rate protocol on the Ethereum blockchain. Compound has grown to become one of the cornerstones of the DeFi industry. As of June 25th, 2020, Compound was the world’s largest DeFi protocol, with more than $500 million worth of cryptoassets being locked and over $900 million being supplied.

COMP is down by more than 4% and is trading at $46.00 at press time. 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

Sign up to our Newsletter

Want to read more amazing articles just like this one? Sign up to our newsletter to get them delivered to your inbox once a week!