MakerDAO community held a new voting yesterday and announced the current state and next steps that may follow.
New upgrades needed
The recent drop in ETH price that caused the crypto to lose 30% value in 24 hours caused some pressure on the Dai network. While the situation was handled thanks to Keepers trying to make the network stable, the system experienced some minor problems. For example, Maker oracle couldn’t provide the most current price during the ETH price crash. Just notice that Keepers are independent and usually automated actors that provide liquidity in various situations to stable the Dai price ($1).
MakerDAO claims the system is now safe, and the Maker Protocol is healthy after the yesterday pressure, but some modifications and upgrades are needed for the future.
Today voting in the MakerDAO community is focused on adjustment parameters for the next possible upgrade on the system. MKR holders can vote on parameters in vote.makerdao.com.
Some adjustment parameters that are subject to current voting are Sai & Dai Stability Fee, Migration Contract Debt Ceiling, SCD & MCD debt ceiling, Flip auction TTL, Flip auction lot size, and Dept auction delay.
All the changes proposed for the parameters in Maker Protocol are aimed at lowering the risk of the same situations that took place yesterday. The community and the executives try to reduce the impact of market downturns in the future.
The impact of the market downturn
The recent drop in the price of BTC, ETH, and other major cryptocurrencies caused some problems for the networks. Because many users tried to liquid their assets or add collateral in futures trading to avoid liquidation.
MakerDAO believes the recent activities tested the Maker Protocol and the users. The rapid devaluation of collaterals in the Maker Protocol and a spike in gas price affected the network, but Keepers were fast to react and keep the platform stable. MakerDAO believes the recent reaction represents the importance of a strong community in the cryptocurrency ecosystem.
“The events ultimately showcase the critical importance of an entire community coming together to monitor and protect the system as it decentralizes,” said the community in a blog post.