MakerDAO Refuses to Compensate for Disruptions During March Collapse
MakerDAO, which manages the DAI algorithmic stablecoin, voted among Maker (MKR) token holders, following whom It was received decision not pay compensation to owners of storage facilities who have suffered losses in collapse time market March 12-13, writes The block.
Vault owners play a key role in the Maker system and allow DAI to be released against collateral. In time the March collapse, many of them lost security due to a sharp decline in the price of Ethereum. March 12 price Ethereum dropped to $ 88. Liquidation of positions must was carried out at a rate of about $ 100, but oracles maker failed timely update quotes in the ETH-USD pair, faced with congestion networks and high commissions.
In these conditions, participants launched the auction protocol managed to buy a significant part of the collateral for zero price, and many storage owners completely lost money.
“The owners of the vaults received on $ 2.5 million less than collateral, than we could, if if the auctions work perfectly, – stated one of participants community MakerDAO due to today’s decision. – Opponents took advantage of winning auctions with artificially low bids “.
In April, a lawsuit was filed against the Maker Foundation, in which the creators of the protocol are accused of not providing full information. about the existing risks. Plaintiffs expect to recover from the Maker Foundation and several related persons over $ 28 million.