Key Takeaways
- Convex Finance, a dominant force in the so-called Curve Wars, has been alerted of a non-critical bug in one of its contracts.
- This prompted the team to unlock all tokens from the old contract and redeploy a new contract.
- The bug did not endanger user funds, according to Convex’s team.
Podijelite ovaj članak
Convex Finance has been made aware of a bug in its vlCVX rewards system, requiring the team to redeploy a new contract. No funds were lost, and “user deposits were not at risk,” Convex rekao je.
Convex Finance Alerted to Bug
Convex Finance was forced to unlock vote-locked CVX from a contract today due to a non-critical bug.
The vote-locked CVX contract has been redeployed na the discovery of a bug in its reward system. All CVX locked in the contract containing the bug were unlocked, meaning users who had vote-locked their CVX tokens will have to withdraw them and re-lock them in the new contract, if desired.
Vote-locked CVX tokens represent locked Convex tokens that reward platform fees and bestow voting rights.
The bug, though not dangerous to user funds, allowed for the possibility of “expired locks to relock directly to a new address, which, in turn, enabled them to claim more cvxCRV rewards than they had earned.” The contract could not simply be patched since Convex’s contracts “are immutable and non-upgradeable,” meaning a new contract had to be redeployed and the old one simply abandoned.
Employees at Popcorn, a yield generator that simultaneously funds social impact organizations, alerted Convex of the existence of the bug, for which it will be paid a bounty reward coming from Convex’s treasury.
Convex Finance is a protocol that helps users earn higher yields from Curve, an automated market maker that allows for yield generation and liquidity providing and has the most total value locked of any decentralized finance platform. Protocols compete for veCRV, a governance token giving voting rights on where Curve rewards are distributed, so that more Curve rewards can be directed to their own protocol, boosting yield and total value locked. This has been dubbed the Curve Wars.
Konveksno dozvoljava users to earn Curve staking rewards while retaining liquidity via the issuance of cvxCRV tokens upon locking CRV. cvxCRV can be traded at only a minor discount while CRV remains locked, earning yield. This mechanism has allowed Convex to perform well in the Curve Wars, and its total value locked crossed $20 billion ranije this year, which at the time gave it the number two spot only behind Curve in terms of total value locked. It has since pasti to fourth.
The CVX token has fallen 15% today as of press time.
Otkrivanje: U vrijeme pisanja, autor ovog djela je posjedovao BTC, ETH i nekoliko drugih kriptovaluta.
Podijelite ovaj članak
Je li vrijeme na našoj strani? Slučaj za produžavanje ciklusa Bitcoina
Jedna od mnogih jedinstvenih karakteristika BTC-a je njegov proces prepolovljenja, koji je često praćen bikovskim kretanjem i kojem prethodi medvjedast konsolidacija. Događaji prepolovljenja bitkoina su…
Čežnja i konveksno se takmiče za tokene krivulje
Optimizacija prinosa na fondove Curve Finance-a je kruh i puter Yearn Finance-a, ali novopridošli Convex Finance brzo dobiva na snazi dok se dva DeFi protokola bore za Curve-ovog dobavljača likvidnosti…
Balanser skače dok tim odmerava tokenomiju u stilu krivulje
Balancer razmatra implementaciju modela tokena s deponiranim glasanjem za protokol Balancera. Balancer nastoji da prati Curve Tokenomics Balancer je uzeo u obzir ratove krivulja. Pionirski DeFi…
Convex Finance prelazi 20 milijardi dolara zaključano, prestigavši DeFi staples
Convex Finance je sada drugi po veličini DeFi protokol sa više od 21 milijarde dolara ukupne vrijednosti zaključane. Convex Finance skočio na drugorangirani TVL Convex Finance sada drži drugi najveći iznos…
Source: https://cryptobriefing.com/convex-finance-forced-to-abandon-redeploy-contract-due-to-bug/?utm_source=main_feed&utm_medium=rss