Maker DAO files emergency proposal addressing 3.1B USDC exposure

Maker DAO files emergency proposal addressing 3.1B USDC exposure


According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.” Maker said that it possessed multiple collaterals “exposed to USDC tail risk” in light of the extraordinary de-pegging of the USD Coin (USDC) stablecoin that began on Mar. 10.  Maker DAO currently possesses more than 3.1 billion USDC in collateral backing its DAI stablecoin. 

Firstly, Maker proposes reducing the debt ceiling of UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A, and GUNIV3DAIUSDC2-A liquidity provider collaterals to 0 DAI. Next, Maker wants to reduce daily minting limits of its USDC peg stability module from 950 million DAI to 250 million DAI and increase the fee from 0% to 1% to prevent

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend