• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

How A Solana-Based DEX Bricked Itself, Locking $500K+ In Funds

Taylor Scott by Taylor Scott
5 months ago
in Cryptocurrency news, Solana
Reading Time: 3 mins read
Advertisement

It’s not easy being a dev. In recent days, a young Solana-based DEX, OptiFi, faced an unexpected downfall after a simple coding error. The platform released an announcement that their mainnet program is now unrecoverable yesterday. The move has resulted in an unexpected shutdown for the DEX.

Let’s review what we know from the announcement and how something like this could be avoided in the future.

OptiFi’s Unexpected Shutdown

OptiFi was an options and derivatives focused decentralized exchange (DEX) built on Solana that was less than a year in the making. The platform touted Solana’s low latency transactions, portfolio margining and partial liquidation mechanisms. The platform also brought the “first-ever delta-neutral options AMM vault” on Solana that provided yield to depositors. So how did we get here? According to OptiFi’s full debrief, a code update that was moving to Solana mainnet saw a user error that resulted in the use of a ‘solana program close’ command, locking roughly $660K worth of USDC in OptiFi-stored funds in their AMM vault.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

OptiFi has assured that user funds will be compensated (while noting that a large majority of the funds are from an internal team member), and a proposal on the Solana github is currently active to address the matter. OptiFi notes in their debrief of a “lesson we learned harshly:”

EVERY DEPLOYMENT NEEDS A RIGOROUS PROCESS AND SINGLE POINT FAILURE CAN BE AVOIDED. PLEASE DON’T RUSH LIKE WHAT WE DID, ESPECIALLY FOR DEFI PROJECTS.

Solana (SOL) has been an emerging player in NFTs and DeFi, despite occasional setbacks like this recent OptiFi debacle. | Source: SOL-USD on TradingView.com
Related Reading: Data Shows: Traders Unconvinced Of Crypto Bounces, Will Shorts See Pain?

Is It Still Solana Season?

Despite small network setbacks, Solana has still seen strong strides this year in both DeFi and NFT marketplaces. Across NFTs, Solana-based projects like DeGods and Okay Bears, among others, have helped spurred the network to a strangehold of the #2 spot (behind only top dog Ethereum). In the more relevant DeFi, Solana has largely outperformed last year to date metrics, according to DeFiLlama. This has been spurred by growing products like Solend, Serum and more. DeFiLlama has Solana listed as the #6 chain in order of total value locked (TVL), at just over $1B worth of funds.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Building and shipping products is rarely a small task, and this is no exception. It hurts to see ecosystem products, regardless of chain, fall to seemingly small errors, but it unfortunately is a byproduct of this world. Our team extends best wishes to the OptiFi builders as they move forward.

Related Reading: Raydium Springs Up From Underwater, Could This Be A Ray Of Hope?
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Tags: OptiFiSolSolanaSOLUSD
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Related Posts

Litecoin

Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

4 hours ago
Digital assets got government support in 2022

Digital assets got government support in 2022

5 hours ago
Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

15 hours ago
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

20 hours ago
Signal Message FTX Sam Bankman-Fried

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

23 hours ago
Silvergate Dividends

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

1 day ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Fantom (FTM) founder makes announcement as they complete 100% rally, Solana (SOL) development updates & Why investors are flocking to Snowfall Protocol (SNW)

January 29, 2023

Dogecoin (DOGE) and Axie Infinity (AXS) Don’t Offer The Same 1000x Potential As Snowfall Protocol (SNW) According To Market Analysts

January 29, 2023

Crypto Market News Live: Aptos Soars Another 60% This Week in A Continued Price Rally, PancakeSwap Burns $100m Worth Of CAKE, Snowfall Set to Moon After Exceptionally Successful Presale Campaign

January 29, 2023

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.