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 👇
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
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...
2 cont... Therefore we should try and ensure that MKR holders take a hair cut by avoiding emergency shutdown if possible. I heard that an emergency shutdown is not currently justified.
3. MKR buyers should prepare for large MKR system auctions in <48 hours. Successful auctions will pay back the current $-4M surplus.
4. For altruistic whales who want to help, the best way to "donate" to this issue is to bid on the upcoming MKR system auctions.
5. MKR buyers should consider buying MKR on open market to support the underlying MKR price.
6. ETH buyers should consider running a keeper bot to buy liquidated collateral and help prevent this issue from happening again. github.com/makerdao/aucti…
7. The simplest root cause here (unconfirmed) is that a lack of keeper bot competition for on-chain auctions contributed to ETH collateral being sold for $0, possibly because of high gas prices and eth node sync issues, because many keepers run their own eth nodes.
8. Before the MKR system auctions in <48 hours, we should work on ways to make it easy for anyone who can afford it to participate in these system auctions. We don't want to constrain the set of auction buyers to those who can afford it *and* have the technical ability.
9. In my opinion, keepers and MKR buyers should prepare for the possibility of sustained high gas prices, and downward pressure on ETH and MKR...
9 cont... because The Dow Jones hit sell-off circuit breakers three times in the past week. It's been a historic week. We should plan for global markets to potentially crash further which may correlate with further crypto drops.
10. Official Maker thread forum.makerdao.com/t/black-thursd…
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