Wrapped Bitcoin—an ERC-20 token that is backed on a 1:1 basis with BTC—is now being accepted as collateral for MakerDAO loans. It’s a significant development, not least because the crypto community has lamented the lack of a bridge between BTC and ETH for some time.
MakerDAO lawsuit seeks $28 million over ‘Black Thursday’ losses
A scathing court document alleges that the Maker Foundation ‘misrepresented the actual risks’ that borrowers faced in the event of a sudden price drop
It was only a matter of time until the MakerDAO lawsuit appeared. On April 14 the Maker Foundation was hit with a $28 million class action suit after the “Black Thursday” crypto crash last month at exposed fundamental flaws in its decentralized lending platform.
‘Completely pointless’ Maker Foundation to dissolve
New proposals seek to turn MakerDAO into a truly decentralized, self-sustaining organization, ending a vicious cycle of ‘urgency, apathy, distraction, and denial’
MakerDAO founder Rune Christensen unveiled proposals yesterday that will effectively cause what he believes has become a “completely pointless” Maker Foundation to dissolve over the next few years, allowing the decentralized autonomous organization live up to its name.
Full MakerDAO decentralization moves closer
The Maker Foundation took a big step toward relinquishing authority over the DeFi lending platform by turning full control of the MKR governance token over to holders
The Maker Foundation's decentralization announcement came hot on the heels of a post-Black Thursday debt crisis that threatened to force an emergency shutdown of the MakerDAO decentralized lending platform. That was resolved a day earlier by a reverse auction following a series of votes by MKR token holders.