Source: Cointelegraph Original: "{title}"
Decentralized finance (DeFi) protocol Nostra has announced that it has suspended lending operations for two liquid staking tokens after discovering "critical issues" with its price feeds as a lending protocol on Starknet.
In a message posted on the X platform, Nostra stated that on March 24, there was an error in its price feed, which inflated the reported prices of xSTRK and sSTRK (two liquid staking derivatives of the native STRK token on Starknet) to about three times their actual value.
According to Nostra, "Such inflated price feeds could lead to unnecessary liquidations of positions that were originally safe, causing users with healthy positions to be liquidated."
Nostra stated that in response, the DeFi protocol has prohibited borrowing against xSTRK and sSTRK as collateral.
Nostra also advised users who have deposited xSTRK and sSTRK to withdraw their collateral immediately.
Nostra added, "Since we do not have a second (backup) oracle to support these assets, as there are fundamentally none available, we cannot completely prevent similar incidents from occurring in the future."
The protocol stated, "We have always prioritized and will continue to prioritize the safety of existing users' funds; without a backup oracle, the risks outweigh the rewards."
Nostra's collateral token options. Source: Nostra
Starknet DeFi Protocol
Starknet is a layer-2 scaling chain for Ethereum that uses zero-knowledge (ZK) proofs to ensure security. According to Messari, it launched its mainnet at the end of 2021.
According to L2Beat, its total value locked (TVL) is approximately $575 million.
The lending protocol Nostra is one of the larger DeFi projects operating on this chain. According to its official website, its total value locked is about $55 million.
On Nostra, users deposit one token as collateral to borrow another token. The most popular collateral tokens for this DeFi protocol are Ether, STRK, and stablecoins USD Coin (USDC) and Tether (USDT).
According to Starknet's documentation, the STRK token was designed for users to stake in exchange for a portion of the network's transaction fee revenue.
xSTRK and sSTRK are liquid staking tokens issued by independent DeFi protocols Endur and Nimbura, respectively.
Related: Coinbase: 83% of institutions plan to increase their cryptocurrency investment allocation by 2025.
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