Discover and read the best of Twitter Threads about #BlackThursday
Most recents (3)
#CropRotation: Since the new governance change, the most profitable $COMP farming is now to borrow and re-deposit #Dai. With multiple layers of borrow-redeposit, you can get >40% yield still. The $BAT positions have massively unwound (w/o incident!) and replaced by Dai 
As with $BAT before, this leads to concerns about deleveraging effects. Demand for Dai is high with price close to $1.02 and Dai interest rates are already low. Dai issuance is struggling to keep up with COMP farming demand in this otherwise 'normal' time
This increases concerns about future Dai liquidity. An outside shock now would make a worse deleveraging spiral, as we've previously explored here (and as happened on #BlackThursday)
medium.com/coinmonks/insi…
arxiv.org/abs/2004.01304
arxiv.org/abs/1906.02152
medium.com/coinmonks/insi…
arxiv.org/abs/2004.01304
arxiv.org/abs/1906.02152
Over the weekend, a few people reached out to us to get @CeloOrg’s take on @MakerDAO’s #BlackThursday event last week, and to ask what it means for the algorithmic stablecoin space in general.
We’ve been following the event closely and wanted to start by sharing our support to the entire @MakerDAO community. Building complex decentralized systems is challenging and while the system didn’t run 100% as expected, it ultimately held up 🙌
If you’re interested in learning more about what happened, check out the following medium post which does a good job of summarizing: medium.com/@whiterabbit_h…
Breaking - @MakerDAO system issue #BlackThursday
What happened? TL;DR bad number is bad, "-3,927,520.91 System Surplus (Dai)" daistats.com
This issue can be likely fixed via existing tools. "An emergency shutdown is not currently justified."
Thread 👇
What happened? TL;DR bad number is bad, "-3,927,520.91 System Surplus (Dai)" daistats.com
This issue can be likely fixed via existing tools. "An emergency shutdown is not currently justified."
Thread 👇
The Maker system is working, it's just under major stress.
Unofficial summary from the Maker community call just now-
1. Media should email press@makerdao.com
Unofficial summary from the Maker community call just now-
1. Media should email press@makerdao.com
2. An emergency shutdown (not happening now) would cause DAI holders to take a haircut, whereas the social contract of MakerDAO is that MKR tokens take a haircut in the event of system failure...
