MakerDAO Users Hosed by March Flash Crash Won’t Get MKR Payouts, Say MKR Whales
After initially voting to do so, the Maker community will not compensate investors who lost big on the lending platform during "Black Thursday's" price rout.
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Large Makerdao holders decided not to compensate the victims that were liquidated during the unexpected flash crash that took place on March 12, otherwise known as ‘Black Thursday.’ An aggregate total of 38 votes was cast and more than 65% of the governance portal participants voted for zero compensation. The day after March 12, otherwise known as ‘Black Thursday,’ the Makerdao project made headlines after between $4 to $6 million worth of the stablecoin DAI was left underwater due to an auction failure. A vote held this Tuesday indicates that the Makerdao project....
The Makerdao and the stablecoin DAI has been a popular project in the decentralized finance (defi) space and it’s also had its share of problems. This week the project called Bprotocol leveraged a defi flash loan in order to sway a Makerdao governance vote. The development team behind the Maker project aims to make it harder for problems like defi flash loans going forward. Since the project’s inception, Makerdao, often referred to as Maker, has been a defi project that has seen a lot of demand. The Maker project is responsible for creating one of the first decentralized....
BProtocol used a flash loan to speed up election results on MakerDAO. The DeFi platform is now weighing changes to its voting process.
MakerDAO has voted not to compensate victims of the "Black Thursday" flash crash, a former Pantera partner is launching a new crypto-focused fund and bitcoin may be headed to the doldrums as the U.S. dollar rises.
The Maker DAO community is voting on a proposal to harden the protocol's governance structure against flash loan voting.