When updating my LMTX installation today, I got this:

tex error       > tex error on line 179 in file /home/conrado/Apps/lmtx/tex/texmf-context/tex/context/base/mkiv/strc-flt.mkvi: ! Undefined control sequence

<argument> \c!compressdistance 
                    =\emwidth 
\mult_interfaces_get_parameters_item ...2->\if ,#1
                                                  ,\expandafter \mult_interf...
\mult_interfaces_get_parameters_indeed ...tem #1,]
                                                  ,
\setup_float ...es_get_parameters {\??float :}[#1]
                                                  \the \everysetupfloat \fi ...
<to be read again> \syst_helpers_double_empty_two_nop 
                                    \par 
l.179 
    

169        \c!bottomoffset=\zeropoint,
170        \c!freeregion=\v!yes,
171       %\c!local=,
172       %\c!bottombefore=, % e.g. \vfill
173       %\c!bottomafter=,
174       %\c!default=, % default location
175        \c!sidethreshold=.5\strutdp, % set to "old" to check with old method
176        \c!numbering=\v!yes,
177        \c!compress=\v!yes, % when possible pack floats when flushing
178        \c!compressdistance=\emwidth]
179 >>  
180     \setupfloatframed
181       [\c!frame=\v!off,
182        \c!offset=\v!overlay,
183        \c!strut=\v!no]
184     
185     \appendtoks
186         \doifelse{\floatparameter\c!compress}\v!yes\settrue\setfalse\c_page_floats_pack_flushed
187         \d_page_floats_compress_distance\floatparameter\c!compressdistance\relax
188     \to \everysetupfloat
189     


The control sequence at the end of the top line
of your error message was never \def'ed. If you have
misspelled it (e.g., '\hobx'), type 'I' and the correct
spelling (e.g., 'I\hbox'). Otherwise just continue,
and I'll forget about whatever was undefined.
Seems to affect the floats mechanism.

Andrés Conrado Montoya