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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

Kava Halted After Yield Farming Bug Discovered in Latest Release

The bug overpaid certain liquidity providers and will require a reboot to fix.

Mar 4, 2021 at 7:23 p.m. UTC
Updated Sep 14, 2021 at 12:21 p.m. UTC

The security committee for Kava Labs, the company behind a new-generation DeFi platform, has halted the chain to address an inflation bug that over distributes yield farming rewards in its latest release.

  • To patch the bug and re-start the Kava chain, the development team are asking validators to revert to an earlier version of the software, Kava-4, before updating to the new Kava-6 version in roughly 12 hours, according to Messari.
  • Kava 5, the software version containing the bug, was released this week, shortly before the bug was discovered.
  • The platform's safety committee shut down the Kava-5 chain at block 459. Kava Labs is planning to replay the state and determine the source of the error. 
  • “User funds are not affected. A fix is currently being worked on. Will update shortly,” a Kava Labs tweet reads.
  • According to Messari, the "high severity bug" was paying out liquidity providers on the platform "well above expected values."
  • These specific payouts are timelocked, the post explains, so they could not be sent to exchanges, just claimed by their users.
  • "Kava Labs' monitoring suite picked up the bug within minutes of Kava 5 launch, way before any HARD claims could actually be distributed – this was by design," said Scott Stuart, co-founder of Kava Labs, in a statement shared with CoinDesk.
  • Kava is a blockchain built on the Tendermint consensus algorithm and is also a participant in the Cosmos blockchain interoperability project.
  • Kava's HARD protocol is its cross-chain money market that allows users to lend, borrow, and earn with a variety of digital assets.
  • The Binance-backed chain went live last year and offers yield farming applications similar to those found in Ethereum’s DeFi ecosystem.

Updated Thursday, March 4, 2021, at UTC 20:53 UTC: This article was updated to include new information regarding development team recommendations for Kava node operators.

Updated Thursday, March 4, 2021, at UTC 22:05 UTC: Comments from Scott Stuart, co-founder of Kava Labs, and information about HARD protocol were added.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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