Update: MakerDAO ‘Black Thursday’ Response

Recent Market Activity and Next Steps

“Today’s activities tested the Maker Protocol and the people who use and support it. The community successfully navigated a brutal storm of external realities, which included rapid devaluation of collateral and a spike in gas prices.

The current state of the Maker Protocol is healthy. However, while there was no hack, no bug, and no Emergency Shutdown planned, modifications need to be made. Accordingly, the MakerDAO community will hold an executive vote on Friday, March 13, to adjust parameters to help ensure a similar situation doesn’t happen again.

Details of the proposed adjustments are below, with a focus on auction parameters and restoring the Dai peg closer to 1 USD. The Protocol will mint and sell MKR to re-collateralize the system. Dai stability Fee: 8% => 4%. [see article for full details]

The community and the Maker Foundation came together today to monitor, assess, and address the situation as it was unfolding. Thank you all for reaffirming your passion for Maker and the stability of the Protocol.”