Ethereum COVID-19, Recession, DemNom, and General Election According to Betting Markets |
- COVID-19, Recession, DemNom, and General Election According to Betting Markets
- Gitcoin Grants Round 5 will include at least $50k for public health
- Join the DAI Backstop Syndicate in signalling support for MKR
- When Ethereum gets clogged, zkRollup-scaled DEXs can shine: settlement cost of $0.0094 vs $7.11 (at 173 gwei), and instant execution.
- Collapse of MakerDAO Keepers: $4.5M lost & how to become a Keeper to earn 13%+ liquidation penalties by providing liquidity to MakerDAO Keeper Pool.
- Are there any valuation frameworks/philosphies that exist to value governance tokens?
- Crypto Crash: Maker DAO intervenes to stabilize DeFi - The Cryptonomist
- MakerDAO Avoids Emergency Shutdown: Planned Next Steps
- The Big 3 Pieces of Status Functionality: Explore the Status Wallet – Non-custodial and Integrated with the Messenger Browser for simple borderless transactions
- Ropsten block production stalled
- Ethereum desktop wallet and space required
- Fees in Block 9660464 were higher than the block reward. Time for EIP 1559?
- Is it time to go to 12M gas x block?
- Can something like this be implemented on ETH? "Introducing Interchange: The Innovative Decentralized Bitcoin Exchange Mechanism Powering the First Decentralized Private Marketplace"
- Potential Chainlink Oracle fail today - Price feed panic. Please discuss
| COVID-19, Recession, DemNom, and General Election According to Betting Markets Posted: 13 Mar 2020 09:08 AM PDT
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| Gitcoin Grants Round 5 will include at least $50k for public health Posted: 13 Mar 2020 01:20 PM PDT
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| Join the DAI Backstop Syndicate in signalling support for MKR Posted: 13 Mar 2020 03:04 PM PDT Hello everyone, DeFi Pulse, Dharma, and many others from the community are organizing a backstop for the upcoming MKR auction. The idea is to create a pooled smart contract where anyone could trigger a MKR auction at a predetermined price as a buyer of last resort. Pool participants would be able to redeem the tokens they minted by supplying Dai for the equivalent Dai / MKR blend held by the pool. The goal is to signal support for MKR (not necessarily buy it). The goal is to have at least 5 million DAI available to purchase MKR if it comes to it. For those interested, any amount of DAI is useful to the cause and helps signal strong support for MKR. Please upvote, spread the word, and join the telegram if you're interested [link] [comments]  | ||
| Posted: 13 Mar 2020 12:19 PM PDT
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| Posted: 12 Mar 2020 08:12 PM PDT TL;DR - join waitlist for MakerDAO Keeper Pool to earn yield on DAI/ETH/USDC/USDT/Chai/sUSD/cDAI and earn 100% of liquidation penalties earned by the Keeper (zero fee pool, non-custodial of course:) - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform ________ Unfortunately, many of us became victims of MakerDAO collateral auctions market. This market was brought to its knees today, resulting in: 1) Losses affecting some of the MakerDAO Vault holders (borrowers of DAI from the Multi-Collateral DAI system), and 2) Losses affecting 100% of MKR token holders, - minting enough MKR and selling them for DAI to cover the missing DAI in the system. The auctions will begin around 11am EST on Saturday, March 14, 2020. For the last 14 hours I've been focusing on determining the root cause of the problem, and determining WHAT CAN I DO? to prevent this collapse from ever happening again. Collapse of the MakerDAO Auctions. Losses above is a result of a short-term monopoly in the auction market of collateral liquidation of MakerDAO vaults becoming under-collateralized with price of collateral (ETH, BAT) on the decline. This monopoly existed for ~3.5 hours this morning, allowing a single Keeper to buy close to $4.5M worth of ETH in exchange for ~0 DAI + gas fees. The collapse negatively affected two classes of market participants: 1) Victim class #1: MCD Vault holders who were being liquidated between ~10am EST until ~1pm EST Please meet Paul, one of the people who lost money. Read his story: https://www.reddit.com/r/MakerDAO/comments/fhn1qn/complete_vault_liquidation_no_eth_left/ If you still didn't get it, please meet BitBurst who lost his life savings today: https://www.reddit.com/r/MakerDAO/comments/fhs7kp/just_got_100_liquidated_with_my_1713_eth_cdp_fck/ Want more? One of us with a Reddit handle 'phyzled' is calling for help: https://www.reddit.com/r/MakerDAO/comments/fhrjxp/help_complete_liquidation/ Even 'Bitcoin_Bender' is threatened. Not just him but his life and his family are going downhill: https://www.reddit.com/r/MakerDAO/comments/fhupn8/total_liquidation_mkr_holders_should_take/ 2) Victim class #2: MKR holders who will be diluted around 11am EST on Saturday, March 14th as a result of Flop auction - minting enough new MKR tokens and selling them at an auction to raise the missing DAI ($4.5M DAI at the time of this writing) WHAT HAPPENED? Prior to ~10am EST, there were a lot of Keepers bidding against each other for collateral at 13% liquidation penalty. Keepers are software bots which monitor Vaults and participate in auctions for collateral of borrowers who became under-collateralized. Operators of such bots are incentivized with mandatory 13% liquidation penalty imposed on Vault collateral upon liquidation. https://docs.makerdao.com/auctions/the-auctions-of-the-maker-protocol https://docs.makerdao.com/smart-contract-modules/collateral-module/flipper-detailed-documentation However, after 10am EST, a single liquidation auction bot was able to bid at 0 DAI (or slightly above) PER EACH COLLATERAL ETH BEING AUCTIONED, AND WIN THE AUCTION. As a result, this Keeper was effectively steal $4M worth of ETH collateral because the auction was designed to raise at least 4M DAI in exchange for the ETH that was auctioned during liquidations, however all except one Keepers stopping their operations, there was only one bidder. Any price above 0 would be accepted. As a result, but the Vault holders who supposed to receive some ETH back, never got any ETH back > making the effective liquidation penalty to over 50% instead of 13%. Why did the Keeper's market collapse? Why most Keepers stop operating? Unfortunately, most Keepers stopped operating this morning due to the following reasons: Root cause #1: Catastrophic liquidity crunch. Keepers simply ran out of DAI to bid in the collateral auctions due to 1.a I believe some Keepers were unable to continue Keeper operations due to inability to liquidate ETH fast enough for DAI. 1.b Some Keepers shut down due to squeeze (bought ETH for 170 DAI, and hours later can only sell for 130 DAI at a loss - which is way more than 13% liquidation penalty). Root cause #2: Network congestion. This brought many Keepers to its knees. Even with liquidity, many were unable participating in auctions due to stuck transactions & high gas costs. In addition, issues like longer client sync times + some Ethereum clients (like Parity) sufferring from known problems of keeping transactions stuck in Mempool for a very, very long time, amplified this problem. PROPOSED SOLUTION - MakerDAO Keeper Pool. Why don't we pool our liquidity (non-custodial pool, Uniswap-style) and give Keepers some competition!? To prevent more people from losing their funds, I decided to fund development of a MakerDAO Keeper Pool, which will allow anybody to become a Keeper and participate in liquidations of collateral (to earn 13% liquidation penalty). Background: During today's Community Call (5 hours and still ongoing at the time of this writing), multiple members of the Maker community stressed importance of increasing # of Keepers servicing the MCD system in order to prevent yet another collapse of the Keepers market as it happened today. To improve maturity of the Keepers market, increase the collective liquidity used by Keeper's, engineers at Protofire.io (developers of MakerDAO governance dashboard https://mkrgov.science, Solhint - Solidity Linter https://github.com/protofire/solhint, maintainers of Gnosis Conditional Exchange https://github.com/protofire/gnosis-conditional-exchange) and risk team + engineering team at Atomica.org (developers of Atomica.org/unwind/) launched emergency efforts to ship one or more of the following ASAP:
Ultimately, we aim to: - Upgrade the MakerDAO Keeper Pool to be a Keeper of Last Resort. Think of a Keeper backed by on-chain, guaranteed liquidity AND configured to participate in auctions with bids of at least 0.85 of the current ETH-DAI market price, as reported by oracles. So long as the Keeper Pool is operating, no Keeper will be able to take advantage of the system and cause yet another collapse of the MakerDAO Collateral Auction markets. - Ship 3rd party JavaScript / npm library + Android/iOS SDKs to embed Web-based Keeper or MakerDAO Keeper Pool join/exit/add/withdraw liquidity into your own dApp, protocol, product or service. If anyone is interested in developing/observing/joining MakerDAO Keeper Pool (for example by running their own Keeper using hardened AWS AMI template, or by providing liquidity (DAI/ETH/USDC/USDT/cDAI/Chai) to a Keeper Pool) - feel free to join our working group working to ship a MakerDAO Keeper Pool ASAP - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform Its not about what DeFi can do for you. It is about what YOU can do for DeFi. [link] [comments]  | ||
| Are there any valuation frameworks/philosphies that exist to value governance tokens? Posted: 13 Mar 2020 04:08 PM PDT Let's say a particular dApp allows you to stake any token to earn fees, but the governance of the protocol is managed by a native governance token. If the token's purpose is for governance, how do you value it? [link] [comments]  | ||
| Crypto Crash: Maker DAO intervenes to stabilize DeFi - The Cryptonomist Posted: 13 Mar 2020 03:02 AM PDT
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| MakerDAO Avoids Emergency Shutdown: Planned Next Steps Posted: 12 Mar 2020 09:01 PM PDT
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| Posted: 13 Mar 2020 06:47 AM PDT
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| Ropsten block production stalled Posted: 13 Mar 2020 01:40 AM PDT The last block on Ropsten was at height `7512105` ~28 minutes ago. Does anybody know what's going on here? [link] [comments]  | ||
| Ethereum desktop wallet and space required Posted: 13 Mar 2020 09:08 AM PDT Hi, I would like to know if there's a good desktop ethereum wallet or if there's a way to use parity without a full node, maybe using a light node like for bitcoin. It is a very rough period and I don't want to keep what I bought on exchanges, so please help me out. :) Thanks guys. [link] [comments]  | ||
| Fees in Block 9660464 were higher than the block reward. Time for EIP 1559? Posted: 12 Mar 2020 10:08 PM PDT | ||
| Is it time to go to 12M gas x block? Posted: 12 Mar 2020 05:30 PM PDT Uncle rates are very low (thanks for clients improvements), the blockchain is really full, so I guess if is it time to rise the gas limit x block. [link] [comments]  | ||
| Posted: 13 Mar 2020 12:22 AM PDT
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| Potential Chainlink Oracle fail today - Price feed panic. Please discuss Posted: 12 Mar 2020 12:09 PM PDT
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