The MakerDAO (MKR) community has locked in an auction to cover a multi-million dollar hole in DAI collateral after the sudden (ETH) price crash on March 12. Scheduled for 10:28 AM EST on March 19, the system will auction newly minted MKR in exchange for DAI.
The proceeds from the sale will be used to recapitalize the system and compensate the losses suffered by the borrowers who saw their Ethereum collateral auctioned off for zero DAI. As the stablecoin powers many decentralized finance (DeFi) applications, the stability of Maker is paramount for the entire ecosystem.
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