DeFi Leader MakerDAO Weighs Emergency Shutdown Following ETH Price Drop
A large drop in the price of ether is testing the feasibility of Ethereum's entire system of lending and borrowing.
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MakerDAO has added a third asset to its decentralized finance (DeFi) platform, USD Coin (USDC), in response to the system’s flagship stablecoin, dai, continuing to float above its dollar peg.
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So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.
MakerDAO is not pursuing its emergency shutdown option although the amount of uncollateralized dai continues to grow.
Demand for DeFi lending services built on ethereum shows a pattern of inverse relationship to the price of ETH. When ether prices are falling, the amount of ETH locked in DeFi tends to rise. Most recent data indicate the relationship operates the other way, too.