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.
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Crisis at MakerDAO as ETH crash creates bad debt worth $4 million
MakerDAO has admitted changes need to be made after a ‘brutal storm of external realities’ led to $4 million of bad debt being created on the DeFi platform
Decentralized finance giant MakerDAO has been holding crisis talks after dramatic falls in the price of Ether left debt worth about $4 million under-collateralized.
