Options trading DeFi protocol, OptiFi accidently closed down its program on Solana’s mainnet on Monday. This means that the $661,000 in user funds within the app are now permanently inaccessible.
The mistake happened while they were trying to update the protocol’s mainnet, according to an incident report by the team. The update was taking longer than expected and the team thus aborted the upgrade but not before the process created an intermediary account.
To reverse the creation of this intermediary account, the developers tried to close the program. They used a command called “solana program close”.
Here it turned out that we didn’t really understand the impact and risk of this closing program command line.
‘solana program close’ is actually for closing the program permanently and sending the SOL tokens in the buffer account used by the program back to the recipient wallet,” the team stated in the incident report.
Thus, the total value locked on the platform, amounting to $661,000, is now locked.
The protocol’s team has promised to reimburse all user funds, a process which would take up to two weeks to complete. The report also noted that 95% of the funds, which are now inaccessible, are held by a member of their team.
OptiFi said that it has learnt from its mistakes and will take steps to prevent the same event from happening again. The protocol plans to deploy a new version of its program and intends to use a “peer-surveillance approach” in future contract deployments.
The OptiFi team also offered some suggestions to the core developers of Solana to avoid a similar situation in the future. The team suggested an extra confirmation step for app developers before confirming the “Solana program close” command.
“Every deployment needs a rigorous process and single-point failure can be avoided,” OptiFi’s team wrote in all caps. “Please don’t rush like what we did, especially for DeFi projects.”
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