Decentralized options market OptiFi, a project on the Solana blockchain, came to an unexpected stop when its development team inadvertently locked up cash and shut down the mainnet after an attempted update.
The OptiFi development team said on their official Twitter account that they had inadvertently halted the OptiFi mainnet program permanently, resulting in the loss of about $661,000.
OptiFi is a Solana-based decentralised exchange that enables users to trade options. The team tried to update the protocol on August 29 but abandoned the operation when the deployment took longer than anticipated. However, they immediately recognized that a second “buffer” account had been formed and that OptiFi had already moved 17.2 SOL tokens (valued at about $533 at the time of writing) to it.
The team attempted to terminate the OptiFi program in order to get these tokens. Unfortunately, when the team tried to redeploy, they received an error message stating that the application had been shut down permanently.
The developers ran the command line “solana program close” as part of their effort to obtain the tokens, according to the post-mortem. However, and seemingly unknown to the OptiFi developers, “solana program close” has the consequence of permanently and irrevocably stopping the program. The developers requested that the Solana developers modify the Solana documentation to reflect the irreversible nature of the program close feature.
The OptiFi team said that 95 percent of the frozen cash belonged to team members and that all user losses will be refunded within two weeks. They also indicated that OptiFi AMM contest participants were unaffected by the error and that winners will still be notified on September 5.
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