Tellor (TRB) behavior after v2.6.1 error & the impact on TRB price

 105 total views


2021-04-01 22:13:37

Hi guys!

Surely when mentioning Tellor (TRB) is not too strange to you, today I will analyze some information that has seriously affected the value of TRB in general in the past February, and the reasons. indeed from this heavy decline.

Articles are gathered from many information sources on the Medium website. The reference link will be left at the end of the article, for you to have access to.

Tellor (TRB) price, marketcap, chart, and fundamentals info

As the previous article of the Coin98 team had an introduction to the Tellor TRB token, you can refer here.

I will briefly define it for you to easily imagine, Tellor is an Oracle network, the purpose is to provide information for DeFi applications for users to easily access.

Tellor (TRB) is the official cryptocurrency of the Tellor ecosystem, based on the main Ethereum platform. TRB is issued through mining and is not part of ICO projects.

TRB is used to pay disputers / Voters dispute fees. Dispute during Tellor events opens will have a direct impact on the value of the TRB token.

The higher the expectation, the higher the TRB price will increase and vice versa. This proves the “plunge” of TRB’s price in February.

Read more: Basic things to know about Oracle

Tellor Tolen V1 upgrade fails and the cost of Tellor (TRB)

You have also heard of a Tellor system crashing a system error when upgrading to v2.6.1. So what is the real cause? And how is TRB affected?

The reason that leads to “dramatic” from Tellor

On February 15, 2021, Tellor encountered a technical problem with the versioning process for the system. The implementation of this upgrade would normally have to be supported and voted by all Voters in order to be approved to the upline.

They had to pay a lot of fees for the miners in the system. The story here is, the switch to an invalid proxy address with no functionality, freezes the whole system. All user’s TRB tokens have been temporarily locked for a while.

Where did Tellor system malfunctions originate?

Tellor was previously equipped with an Admin key, a function that gave the operator full control over any amount of money in the system data. Once anyone owns the Admin key, they can own this function, easier to say, it is similar to the house key of the brother where the property is kept.

So Tellor wants to control all the information, deployed using this function, which has high risks of information security and can be hacked at any time.

The voter-voted v2.6.1 upgrade (with expensive Gas fees) is redirected to an invalid proxy address. All have no results after that, this failure has caused the price of TRB to plunge severely.

You can see more details about the Tellor incident with the article: Tellor Incident Summary (TRB) and asset transfer instructions to TRB Holder

TRB values ​​were severely reduced

Because of the inadequacy of the system upgrade, from a potential plan, Tellor accidentally created a drama for TRB’s “fate”.

More specifically, before the date of the incident, the TRB token was at a price of $ 59.14 with a market cap of $ 139,950,298 compared to the then All-time-high threshold of $ 75.21 (March 2020). Rated as quite high.

According to statistics from Coingecko.com

After just a few days of announcing the incident, the value of TRB has been drastically reduced, typically seen in the price chart as follows.

Price statistics from Coingecko.com

More specifically, a reduction of nearly 50% from the date of the problem to the date of the announcement of Tellor’s fix on the websites.

The value of TRB tokens has decreased obviously, which is also quite shocking news for many of the brothers holding TRB in the long term.

I observed, there are quite a few brothers who have tried to sell off their assets because they thought that the price of TRB will continue to decrease, these jobs inadvertently caused an imbalance in supply and demand in the system, leading to price. More and more reduce.

TRB returns to the track at a faster speed than in the beginning

At that time, many brothers texted themselves to ask for advice on whether to hold or let go of TRB. But with this market, situations like that cannot confirm anything in the future.

Indeed, just a few days after the announcement of Tellor’s fixed issue on Twitter, the system updates were more successful than expected by the dev team. TRB Token is once again back on track with this ATH in early 2021 price of $ 80.93.

According to statistics from Coingecko

Many brothers believe that reporting the problem is a purposeful piece of information from the developers of Tellor, in order to create the Fud mentality to the participants and take advantage of the opportunity to stock TRB at a low price.

summary

Through the information about Tellor (TRB), generally in the future, Tellor may still have system reforms, but it cannot be denied that potential Oracle projects of Tellor. This is still a promising name, I will update you with the latest information in the following articles.

If you also have comments about Tellor (TRB), please share your comments below the article. Wish you a lot of luck!

Below are the sources of information I have referenced to complete this article, you can refer to.

Writer: Hang Duong

#Tellor #TRB #oracle

#Tellor #TRB #behavior #v261 #error #impact #TRB #price

Related Posts

Leave a Reply

Your email address will not be published.

Close Bitnami banner
Bitnami