Compound Community Members Unanimously Approve Activation REP-064. It is intended to fix an error in the COMP management token distribution process that arose during the previous update of the landing protocol.
Proposal 064 passed, and can be executed in two days:
1,037,107 COMP ✅
0 COMP ⛔️
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.
— Compound Labs (@compoundfinance) October 7, 2021
At the end of September, the Compound developers activated REP-062, which aims to change the distribution model for governance tokens. The update contained a serious vulnerability – the protocol began to pay assets in excess of the amount established by the rules. Thus, the project lost $ 82 million.
In early October, the lead developer of yEarn.Finance under the nickname banteg reported that an unknown person or a group of people used an exploit to transfer additional tokens to the problematic address of the Comptroller smart contract, which was completely emptied during the previous incident.
Compound founder Robert Leschner then said that 490,000 COMP (~ $ 161.7 million at the time) were at risk.
REP-064 will activate on Saturday, October 9th. The proposal does not completely solve the problem, but it prevents users from receiving unfair profits.
With the activation of the offer, the liquidity mining process will resume, but only users who have not interacted with the markets affected by the exploit (cTUSD, cMKR, cSUSHI, cYFI, cAAVE, and cSAI) will be able to withdraw COMP tokens.
“After activating the offer, we will be able to determine the complete list of users who have unfairly received COMP. We will then propose another update that will correct the COMP values on their balances, putting everything back in place, ”Compound Labs said in a statement.
We will remind, on October 1, Jack Chervinski announced that he had left the post of General Counsel of Compound Labs. He held this post for two and a half years.
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