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A single mistake in DeFi can have permanent and very expensive resultsāas the creators of a Solana-based protocol discovered this week.
Options-trading decentralized exchangeĀ OptiFi announced on Monday that it had accidentally closed down its program on Solanaās mainnet, which means that all funds within the app are now permanently inaccessible. The damage? Some $661,000 worth of USDC stablecoinĀ in total.
āWe had an update to our Solana program code, so our deployer tried to upgrade the OptiFi program on Solana mainnet,ā the team wrote in a postmortem report. āHowever, we accidentally used the āSolana program closeā command, resulting in our OptiFi program on mainnet being unfortunately closed.ā
OptiFi's program has been closed by mistakes we made.
TL;DR
1. We accidentally closed the OptiFi mainnet program and it's not recoverable
2. 661k USDC is locked in the PDAs, luckily 95% of the fund is from our team member
3. We will compensate for all usersā funds— OptiFi (@OptifiLabs) August 29, 2022
OptiFi has promised to reimburse all usersā funds, but noted that about 95% of the inaccessible crypto funds were held by a member of the team. The refund process will take up to two weeks to complete, the team wrote. In the post, the creators detailed the process by which its developers accidentally closed off access to the program.
āOptiFi's team will learn from this harsh lesson and keep on building for everyone who trusts us,ā it tweeted. ā[Sincere] apologies to all the users [who] put faith in us and got affected by our mistakes.ā
While OptiFiās team took responsibility for the mistake that led to the program being permanently locked, it also offered suggestions to Solanaās core developers to help others avoid a similar fate. The team wants more official documentation about the āSolana program closeā command, plus an extra confirmation step for app developers before confirming the instruction.
OptiFiāwhich had just launched on mainnet earlier this monthāapparently plans to deploy a new version of its program, and said that it will use a peer-surveillance system to ensure that at least three people are involved with any future blockchain actions. According to its post, the team hopes that such a system will minimize impatient actions and further mistakes.
āEvery deployment needs a rigorous process and single-point failure can be avoided,ā OptiFiās team wrote in all caps. āPlease donāt rush like what we did, especially for DeFi projects.ā
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