A bug in Blur’s system affected bids and other metrics on the platform, leading to a drop in bids.
The price of the Blur token fell significantly, but showed signs of recovery.
Fade [BLUR] made one announcement on April 22 regarding a bug affecting bids on the platform. Let’s take a look at the state of bids and other statistics after this new development,
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Bug in the blur
Blur informed users of a bug in their messaging system that affected several canceled bids in the past 80 hours. To address the issue, the platform immediately disabled the bid acceptance feature. However, during a short 30-minute period, 36 involved bids were accepted.
In response, Blur canceled all current bids that exceeded the minimum bid threshold before resuming acceptance. In addition, the company promised to refund affected merchants twice the difference between their initial bid price and the actual highest bid at the time.
Blur pool bids decrease as outflows dominate
An examination of Blur’s bidding data by Dune Analytics further revealed a noticeable drop in bids on the platform. Specifically, between April 18 and April 20, a sharp drop was observed on the polar balance chart, followed by a brief rise on April 21.
A slight downward trend was visible and the pool balance was approximately 48,263 Ethereum (ETH). At the time of writing, the pool’s total value was over $93.8 million.
Additionally, a review of Blur’s inflow and outflow data on Dune Analytics showed a small discrepancy, with outflows outpacing inflows.
Currently deposits are around $43 million while withdrawals are around $46 million. Despite the drop in bids, the platform’s current bid volume is the second highest this month after several days of reduced activity.
At the time of writing, the bid volume on the platform was over 8000 in terms of ETH. However, this figure indicated a decrease compared to the levels of the previous days.
Realistic or not, here is BLUR’s market cap in terms of BTC
A huge drop in price developments
Since the air-drop, the BLUR token has faced several challenges with its price movements. However, at the time of writing, the token appeared to be recovering from a downtrend that lasted several days.
The token was trading at around $0.60 at the time of writing, reflecting a gain of over 3%. This was preceded by a drop of more than 30% in the past 72 hours.
This post Assessment of Blur’s state of affairs following the recent bug infestation
was published first on https://ambcrypto.com/assessing-blurs-state-of-affairs-after-the-recent-bug-infestation/