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Aave discovers a new bug in its system

TL;DR

  • Aave has called for a proposal to address the issue after discovering a new bug in its system.
  • The platform continues to make strides despite slight setbacks.

A bug discovered in an older version of the popular crypto lending protocol, Aave, is causing inconvenience for users attempting to interact with Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC), or Wrapped Matic (WMATIC) pools on Aave V2 Polygon. The bug is preventing users from withdrawing their assets from these pools, as well as undertaking actions such as supplying more assets, borrowing, repaying, or making withdrawals.

Aave reacts to the bug issues

In response, a proposal has been put forth on May 19 to address the bug through a patch.
Despite the inability to currently withdraw assets, the Aave team reassures users that their funds are safe. The bug can be resolved following a governance vote, providing a sense of security for affected users.

It is important to note that this bug only affects Aave V2 on Polygon, and the most recent version, Aave V3, remains unaffected. Additionally, V2 deployments on Ethereum or Avalanche are also not impacted.

The issue originated from a patch related to interest rate curves implemented on May 16, which inadvertently caused the bug to surface in the Polygon deployment due to differences in function definitions for rate strategy contracts between Polygon, Ethereum, and Avalanche implementations.

To rectify the bug, the proposal calls for the Aave DAO, the governing body of the protocol, to approve code changes exclusively for the Polygon version. The voting process is scheduled to commence on May 20 and will continue until May 23, as outlined in the proposal.

The protocol continues to make waves despite issues

Aave has gained recognition for its unique flash loan feature, enabling users to borrow cryptocurrencies, engage in trades, and repay loans within the same block without the need for collateral. Originally developed on Ethereum, Aave has expanded to various networks in recent years.

Notably, on April 17, its governance voted to deploy the protocol on zkSync Era, a layer 2 solution for Ethereum that utilizes zero-knowledge proof technology. Furthermore, on May 8, Aave V3 was deployed on the Metis network, another layer 2 solution for Ethereum.

Despite this temporary setback caused by the bug on its V2 Polygon, the platform’s commitment to expanding across different networks remains unwavering. As the proposal progresses and the bug is addressed, the protocol continues to showcase its dedication to providing innovative lending solutions in the cryptocurrency ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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