Mar 16, 2020Â â‹…Â 2 min read
Last week, a rapid price decline coinciding with congestion on the Ethereum network led to ETH collateral being sold for free and a $4 million shortfall on MakerDAO. In order to bring the system back to a healthy state, MKR will be created and auctioned off to make up for the lost collateral value. Starting on March 19th at 10:25 UTC, anyone will be able to participate by running an Auction Keeper to bid for the newly minted MKR. The tokens will be auctioned off in lots for 50,000 Dai starting at a price of 250 MKR ($200) and then Keepers can place bids of smaller amounts of MKR for the same 50,000 Dai thus increasing the price. If no one bids for the first lot, then the auction will begin again in three days, offering 20% more MKR for the Dai lot translating to a price of $166.
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