Hi everyone. This announcement is to let you know that a bug has been identified in the Livepeer protocol smart contracts, and we will be conducting a fix. This is a bug that remains unexploited at this time, though if exploited it would put user value at risk. After some analysis, and due to the mandate to protect user value, we have decided to pause the protocol out of an excess of caution so that we can prepare a fix, test it, and get it deployed, without putting any user’s protocol role or tokens at risk. While Livepeer is still in the beta stage, this sort of issue is fully expected, and we have built these upgrade and bug fix mechanisms for exactly this purpose. It is important for us to mitigate risks for our early protocol participants as much as possible.
Note that this issue is related to the recent protocol pause and accompanying bug fix on 3/28/2021. During the post-impact analysis and post-mortem process, it was discovered that the previous fix partly addressed the accounting issue, but additional cases were discovered that also need to be addressed and could lead to opportunities for exploits.
The estimated duration of the protocol pause is unknown at this time . It is hoped to avoid missing a single protocol round, however it is possible that the pause may extend longer if necessary, or resumed quicker if possible.
During the paused period, the protocol will be inactive and protocol parameters will stay the same. This means any interaction with the protocol will be ineffective. For delegators, your token will stay bonded but will receive no rewards because there will be no round progression. For transcoders, your nodes will not be able to initialize round or call reward, and there will be no token reward minted. However, non-participating tokens can still be transferred as usual. Broadcasters are urged to continue using Rinkeby to test and develop. The Livepeer team is working hard to fix the bug, and we will be in constant communication with updates. Expect a full post-mortem with details of the issue and remedy after the fix has been deployed and verified. If you notice any issues, please report to the discord channel at http://discord.gg/q6XrfwN , and check here for updates.