Week in Ethereum News
March 15, 2020

Eth News and Links



Stuff for developers

Crypto carnage, Maker liquidations

  • Thursday’s global selloff of risk assets led to the most negative price action day of crypto’s short history. The selloff inflated gas prices (~200 gwei) which caused trouble for Maker. The Maker oracles stopped working for an hour or two.
  • Maker liquidation auctions went off for nearly 0 DAI as bots bidding on those auctions got caught in high gas prices and ran out of DAI, leading several different bot maintainers to make ~8m USD in ETH by bidding just above zero in a few disparate time periods.
  • As a result, the Maker system surplus became a 5.7m Dai deficit (as of the time of publication). To improve incentives, Maker governance changed some parameters and to recoup the debt MKR will be auctioned onchain for lots of 50,000 Dai on the morning (UTC) of March 19th.
  • Community members have started a backstop to ensure the deficit is covered
  • Here is a writeup of the Maker liquidations with data and graphs
  • Just published: Maker governance proposal to change DSR to 0 and Stability Fee to 0.5%, GSM to 4 hours, and a decentralized circuitbreaker for auctions



Governance, DAOs, and standards

Application layer



Dates of Note

Upcoming dates of note (new in bold):

ETHNYC/SmartCon0 postponed indefinitely, EthBarcelona postponed until June, most events go virtual

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