The MakerDAO auctions system has recently received some bad press in the light of Black Thursday events. The system performed very…
The upcoming MakerDAO auction is set to cover the protocol’s losses during the March 12 Ethereum price crash, with its success being critical for the stability of DeFi.
MakerDAO is a complex yet fully decentralized system. There are 30+ different parameters over a dozen contracts controlled by MKR holders. The system has a 24-hour timelock and a shutdown button to limit any malicious activity.
The MakerDAO, which issues a decentralized stablecoin on the US dollar with DAI, is based on the platform.
MakerDAO is not pursuing its emergency shutdown option although the amount of uncollateralized dai continues to grow.