JUNE 27 2022 - LIQUIDITY FARMS BUG - POST-MORTEM

Salutations Dopex Fam

On the 27th of June 2022, shortly after the new liquidity farms release, Devs managed to catch a contract issue and act on it immediately. The team, as always, wants to be fully transparent about the situation's status and inform the community of the situation that unfolded.

The Situation

The bug was due to a refactoring oversight, and it was a bit reckless, considering we had deployed farms many times before. We take ownership of our fault, but we must make situations like this remind us that we need to be extra attentive.

Dopex wants errors like this to remain a one-off issue, and rushing important financial contracts like this can lead to mistakes that we frankly don't need to undergo. This is why, from now on, we will be doubling down even further on our contract verifications no matter the time it takes.

The bug created was a short 1 line error that prevented funds from being taken out of the contract. Luckily, the team has managed to act early and prevent further damage from transpiring, but still, this situation caused ~800k$ in LP tokens to be "permalocked" in the contract.

It is important to note that the funds are not lost but locked in the contract, and we will use them to provide liquidity for as long as necessary.

Resolution

Moving onwards, we have decided to pay back all LP depositors using DPX, RDPX, and ETH from our treasury and reserves to correct the error. (Funds got distributed using 400k in $ETH from the treasury and 400k in $RDPX and $DPX from the reserves)

All depositors have already fully been made whole and we are happy to say, that the liquidity farms have now been relaunched correctly.

We hope this clarifies any doubts investors may have on the current issue.

We want to reassure everyone that our goal is always to be fully transparent with our community and to have fund security be our top priority.

If anyone has any additional questions, please feel free to #open-a-ticket on discord, and we will be more than happy to respond.

Sincerely,

The Dopex Team

About Dopex

Dopex is a decentralized options protocol that aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers — all in a passive manner. Dopex uses option pools to allow anyone to earn a yield passively. Offering value to both option sellers and buyers by ensuring fair and optimized option prices across all strike prices and expiries. This is thanks to our own innovative and state-of-the-art option pricing model that replicates volatility smiles.

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