- A bug in Blur’s system impacted bids and other metrics on the platform, leading to a decline in bids.
- The Blur token’s price dropped significantly but showed signs of recovery.
Blur [BLUR] made an announcement on 22 April regarding a bug that affected the bids on the platform. Let’s take a look at the state of bids and other metrics following this new development,
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Bug in the Blur
Blur informed users of a bug in their message processing system that impacted several canceled bids made in the past 80 hours. To address the issue, the platform promptly disabled its bids accept function. However, during a brief 30-minute period, 36 affected bids were accepted.
In response, Blur canceled all current bids that exceeded the minimum bid threshold before allowing the acceptance to resume. Additionally, the company pledged to refund affected traders twice the difference between their initial bid price and the actual top bid at the time.
Blur pool bids decline as outflow dominates
An examination of Blur’s bid data by Dune Analytics further revealed a noticeable drop in bids on the platform. Specifically, a sharp decline was observed on the pool balance chart between 18 April and 20 April, followed by a brief uptick on 21 April.
A slight downward trend was evident, and the pool balance sat at approximately 48,263 Ethereum (ETH). As of this writing, the total value of the pool exceeded $93.8 million.
Source: DuneAnalytics
Moreover, a review of Blur’s inflow and outflow data on Dune Analytics showed a slight discrepancy, with outflows exceeding inflows.
Currently, deposits amount to approximately $43 million, while withdrawals total roughly $46 million. Despite the decline in bids, the platform’s current bid volume is the second highest for this month, following several days of decreased activity.
At the time of writing, the bid volume on the platform was over 8000 in terms of ETH. However, this figure indicated a decline compared to the levels seen in previous days.
Realistic or not, here’s BLUR market cap in BTC’s terms
A massive decline in price trends
Since its air-drop, the BLUR token has faced several challenges with its price movements. However, as of this writing, the token appeared to be recovering from a downtrend that lasted several days.
The token was trading at around $0.60 at press time, reflecting a gain of over 3%. This was preceded by a drop of more than 30% in the past 72 hours.
Source: TradingView