Key points to remember
- The OptiFi team said they accidentally permanently shut down the OptiFi program on the Solana mainnet yesterday during a routine upgrade.
- The shutdown resulted in the loss of $661,000 in funds, most of which came from team members.
- OptiFi has promised to make its users whole within the next two weeks.
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Decentralized options exchange OptiFi, a project on the Solana blockchain, came to an unexpected halt after its development team accidentally shut down the mainnet and blocked funds during an upgrade attempt.
An honest mistake
OptiFi developers made a costly blunder yesterday.
The OptiFi Development Team declared from their official Twitter account that they had accidentally permanently shut down the OptiFi mainnet program, locking in around $661,000 of USDC.
OptiFi is a decentralized exchange on Solana that allows users to trade options. According to autopsy, the team attempted to upgrade the protocol on August 29, but halted the operation when the deployment took longer than expected. Yet they soon realized that a new “buffer” account had indeed been created and that OptiFi had already transferred just over 17.2 SOL tokens into it (worth around $533 at the time). time of writing). The team attempted to shut down the OptiFi program to allow these tokens to be recovered. The maneuver worked: unfortunately, when the team tried to redeploy, an error message indicated that the program had been stopped permanently.
According to the postmortem, the culprit was the “close solana program” command line, which the developers ran as part of their attempt to recover the tokens. However, and apparently unbeknownst to the OptiFi team, “closing the solana program” has the effect of permanently and irretrievably closing the program. The developers appealed to the Solana developers to make changes to the Solana documentation to warn the developers about the irrevocable nature of the program’s close function.
The OptiFi team said that 95% of blocked funds belong to team members and that any losses incurred by users would be repaid within approximately two weeks. They also said that participants in the OptiFi AMM competition were unaffected by the blunder and that winners would still be announced on September 5.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.