One of the main selling points of Web3 is that the code underlying it is irreversible, since all changes are recorded on an immutable blockchain. This supposedly allows applications to run forever, without any maintenance, as long as the blockchain lives. However, the lack of an "Undo" button also makes it easy to destroy a lot of money, as the Solana decentralized exchange OptiFi learned.
OptiFi, which bills itself as "A Portfolio Margining Derivative DEX with Delta-Neutral Option AMM Vaults", provides highly advanced trading tools for the bold crypto investor. While trying to push an update to their smart contract (known as a "program" on the Solana chain), they accidentally used the command solana close program in a way that caused it to permanently self-destruct. This locked $661,000 in currency in the now-dead smart contract, with no way to retrieve it. Any programmer who has ever made a consequential mistake can commiserate - although such mistakes usually don't cost more than a house.
The team behind OptiFi promised to refund all users' deposits and posted the following lesson learned: "Don't Rush!" They also asked Solana's officials to make it slightly harder to irreversibly destroy a smart contract with money in it.
molly
commented
2 years ago
Date
2022-08-29
Description
One of the main selling points of Web3 is that the code underlying it is irreversible, since all changes are recorded on an immutable blockchain. This supposedly allows applications to run forever, without any maintenance, as long as the blockchain lives. However, the lack of an "Undo" button also makes it easy to destroy a lot of money, as the Solana decentralized exchange OptiFi learned.
OptiFi, which bills itself as "A Portfolio Margining Derivative DEX with Delta-Neutral Option AMM Vaults", provides highly advanced trading tools for the bold crypto investor. While trying to push an update to their smart contract (known as a "program" on the Solana chain), they accidentally used the command
solana close programin a way that caused it to permanently self-destruct. This locked $661,000 in currency in the now-dead smart contract, with no way to retrieve it. Any programmer who has ever made a consequential mistake can commiserate - although such mistakes usually don't cost more than a house.The team behind OptiFi promised to refund all users' deposits and posted the following lesson learned: "Don't Rush!" They also asked Solana's officials to make it slightly harder to irreversibly destroy a smart contract with money in it.
Links
Tweet thread by OptiFi OptiFi OptiFi logo link: https://www.optifi.app/static/media/optifi-logo-text.450b713c.svg
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