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An error in implementing AIP 55 mistakenly applied changes to ENJ instead of FEI, causing a surge in liquidations. Pauljlei has announced an on-chain vote to correct this, committed to increased transparency, and is investigating the impact and potential recourse for affected users.
The discussion primarily revolved around an error that occurred due to AIP 55, which was intended to enable FEI as collateral with specific parameters. However, as Pauljlei pointed out, the changes were mistakenly applied to ENJ instead of FEI, leaving FEI's risk parameters unchanged and FEI not being enabled as collateral1. This error led to a surge in liquidations, a concern raised by Neptune, who also suggested broader communication about the issue2.
In response to the concerns, Pauljlei announced that an on-chain vote has been posted to revert the ENJ parameter changes and enable FEI as collateral. They also committed to providing more details about the liquidations and the error, as well as the steps being taken to prevent such errors in the future3. Further, Pauljlei updated that they are investigating the impact of the issue and exploring options for recourse for affected users, with an internal review underway to prevent such issues in the future4.
In a final update, Pauljlei shared that an investigation of on-chain liquidation data has been conducted to assess the effect of AIP 55. They promised to provide transaction-level data, results of the analysis, and a detailed recourse plan for potentially impacted Aave users5. This indicates a proactive approach to rectify the error and mitigate its impact, demonstrating a commitment to transparency and user protection.
Posted 2 years ago
Last reply 2 years ago
Summary updated 2 months ago
Last updated 09/12 13:53