The price of ethereum dropping double digits on March 12 sent shockwaves through the decentralized finance (defi) community. Makerdao’s single collateral DAI has been struggling and the low price of ETH has left millions worth of DAI undercollateralized. The defi project’s undercollateralizition was also blamed on price oracle discrepancies.
Makerdao Community Deals With Black Swan Event
The Makerdao project and the stablecoin DAI have been extremely popular over the last 12 months. The total value locked (TVL) in Maker touched an all-time high (ATH) on February 14, 2020. Following the ATH on Valentine’s Day, Maker’s TVL started to drop and has been sliding downward for three weeks straight.
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