Potential Griefing Vector Identified on Ajna Protocol
TLDR; All Ajna users should payback or close their Ajna Positions without delay. This is only related to AJNA protocol, Maker and AAVE users are NOT affected
The Ajna Protocol team recently identified a way to grief a section of users of the protocol. Whilst we're uncertain how likely this is to happen - we remain committed to being fully transparent and taking the most conservative approach when it comes to user funds, and we believe the safest thing to do is for users to pay down their debt and withdraw their funds from any open Ajna Protocol Positions.
This is not related to any summer.fi contracts, so Maker and Aave users are not affected.
This particular grief vector could impact some borrowers but should not materially impact lenders, so closing Borrow and Multiply positions and removing collateral is the only urgent task that we recommend right now. Of course, it does not make sense to lend into a protocol with no debt, so please remove lending liquidity as well, although we do not see this as urgent as Borrow and Multiply users.
The only available actions now: repay debt and withdraw collateral and quote tokens
As a precaution, and because we want to prevent Summer.fi users from inadvertently opening new Ajna positions, we have disabled any new Ajna positions from being opened on the Summer.fi/ajna user interface and any new debt being drawn.
From this point, users will only be able to withdraw tokens from Ajna Earn positions, and repay debt and withdraw collateral from Borrow and Multiply positions. The one-click close operation continues to be available for Multiply positions.
If you cannot get access to liquidity quickly
If you cannot get access to the required liquidity quickly or easily in order to close your borrow Vault, you can simply upgrade it to a Multiply Vault using the dropdown in the adjust box and select ‘Switch to Multiply’ - there is no cost of transaction involved in this, it is just a UI change. By changing it to Multiply - you get the option to use 1-click Close from the Multiply Dropdown which will allow your position to be closed using collateral from your Position to pay off your debt. All Summer.fi Multiply fees for Ajna have been removed, so there will be no additional fees beyond gas costs.
Ajna rewards have been suspended from 00:01 UTC Sept. 1st
All Ajna rewards have been suspended as of 00:01 UTC on Friday September 1st 2023. Any rewards earned up until this point will remain, and continue to be visible within the Summer.fi UI. Once the Ajna Protocol is redeployed, the rewards will restart for eligible pools.
Maker and Aave users are unaffected
As mentioned previously, but important to remember is that the Summer.fi contracts used to interact with protocols such as Ajna, Aave and Maker are not affected in any way with this possible griefing vector, and as such Maker and Aave positions are not affected. Maker and AAVE protocols are independent from AJNA, and as such are unaffected.
Moving forwards
Stay tuned for further information and redeployment news from Ajna (once fixes have been run by their various security auditors). They don't anticipate it being a long turnaround and once it is ready, it will be available once again on Summer.fi.
Ajna was built to be immutable and permissionless. A robust protocol designed for a truly decentralized vision of DeFi. A window between the launch of the protocol and the winding down of the Ajna Protocol team was always planned in order to test the resiliency of the design in a live environment, a period to catch any bugs or vectors such as this. Both Summer.fi and the Ajna Protocol team greatly appreciate the help from our partners and users in this endeavour. We remain committed to being fully transparent and taking the most conservative approach when it comes to user funds.
Getting help
If you have any questions regarding Summer.fi in general, contact us at support@summer.fi or on our Discord or any of our social media accounts.