Rocket Pool delays launch after vulnerability discovered by rival

Rocket Pool, an Eth2 staking provider, has delayed its launch due to a possible exploit in the protocol’s codes.

Rocket Pool announced on Oct. 6 that the delay was being implemented by the team to fix the bug. Rocket Pool stated that only “relatively minor” changes were required to fix the vulnerability, and that a new launch time will be announced shortly.

1/ Yesterday’s bug bounty program discovered an exploit that also affected other staking provider providers. We are therefore postponing launch in order to fix it. We want to thank @tsudmi very much for raising this exploit.
Rocket Pool (@Rocket_Pool), October 5, 2021

Rocket Pool was alerted by Dmitri Tumak, founder of StakeWise, to the vulnerability. The two teams then notified Lido, another Eth2 staking company, that there was a risk to its protocol.

Lido posted a tweet acknowledging the bug on Oct. 5 and proposed a vote to lower stake limits for all node operator in an effort to minimize the risk to the protocol. Lido stated that the exploit’s potential impact was “low” and added that the vulnerability could only be exploited “by the Lido node operator currently whitelisted.”

The team stated that they are working in parallel to develop a long-term solution. More information will be available once it has passed the draft stage.

StakeWise made public Tsumak’s involvement in identifying and reporting possible exploits to its competitors. Rocket Pool also tweeted a commitment for network security.

5/ We believe that the #ETH2 staking community will be stronger if we all work together, even when we deal with our competitors. We must communicate with each other and be attentive to their backs in order to achieve this.
— StakeWise (@stakewise_io October 5, 2021

Eth2 staking services

Many investors are turning to liquid staking providers because Ether that has been deposited to the Eth2 Staking Contract cannot be withdrawn until Ethereum’s upcoming chain merge. Liquid Staking allows tokens representing staked assets to use in decentralized finance, without the need for the underpinning assets being unstaked. Eth2 staking allows users with less than 32 ETH to participate in pools.

Related: How to stake Ethereum 2.0

StakingRewards currently ranks Eth2 as the third-largest Proof-of-Stake Network with a stake capitalization of $27.3 Billion, despite having only 6.55% supply.

Nevertheless, 70% of the circulating capital of the two largest networks by staked capital have been locked up. The $60.5 billion Solana (SOL), and the $51 billion Cardano (ADA), respectively, represent 77% and 70.5%, respectively.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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