The MakerDAO community held a new vote yesterday and ad the current status and next steps you can take.
New updates needed
The recent drop in ETH price which caused the cryptocurrency to lose a value of 30% in 24 hours caused some pressure on the Dai network. Although the situation was handled thanks to attempts to stabilize the network, the system experienced some minor problems.
For example, Oracle Maker was unable to provide the most current price during the ETH price drop. Just be aware that Keepers are independent and generally automated actors that provide liquidity in various situations to stabilize the Dai price.
MakerDAO He claims that the system is now secure and that the Protocol Maker is healthy after yesterday's pressure, but some modifications and updates are needed for the future.
Today, voting in the MakerDAO community focuses on tuning parameters for the next possible system update. MKR holders can vote the parameters at vote.makerdao.com.
Some adjustment parameters that are subject to current voting are the Sai and Dai stability fee, the debt ceiling of the migration contract, the debt ceiling of SCD and MCD, the Flip TTL auction, the lot size of the Flip auction and delay of department auction.
All the proposed changes to the parameters in the Protocol Maker aim to reduce the risk of the same situations that occurred yesterday. The community and executives try to reduce the impact of market crises in the future.
The impact of the market recession
The recent drop in the price of BTC, ETH, and other major cryptocurrencies caused some problems for networks. Because many users tried to liquidate their assets or add collaterals in futures trading to avoid liquidation.
MakerDAO believes that recent activities tested the Maker Protocol and users. The rapid devaluation of guarantees in the Protocol Maker and an increase in the price of gas affected the network, but the Guardians reacted quickly and kept the platform stable. MakerDAO believes that the recent reaction represents the importance of a strong community in the cryptocurrency ecosystem.
"The events finally show the critical importance of an entire community coming together to monitor and protect the system as it decentralizes." The community said in a blog post.
