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MakerDAO Avoids Shutdown, To Auction MKR Covering $4M In Bad Debt

Summary: MakerDao, one of the largest decentralized finance (DeFi) projects on Ethereum, will begin the auction of MKR governance token in two days – a step forced by the recent freefall of Ethereum. The auction was triggered as the under-collateralized debts on the platform reached $4 million and is a step taken for the first time in the ...

MakerDao, one of the largest decentralized finance (DeFi) projects on Ethereum, will begin the auction of MKR governance token in two days – a step forced by the recent freefall of Ethereum. The auction was triggered as the under-collateralized debts on the platform reached $4 million and is a step taken for the first time in the history of the project. The platform will programmatically mint and set the MKR tokens 50,000 DAI increments. All the funds will be utilized to cover outstanding bad debts.

Tracy Chen

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Link: MakerDAO Avoids Shutdown, To Auction MKR Covering $4M In Bad Debt   [Copy]
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