Recap: DeFi Week of March 16 🦄

Hello Defiers! Hope you’re having a great, self-isolated weekend :) Summing up: The past week was all about the aftermath of ether’s +40% crash on the previous week and MakerDAO’s crisis, which resulted from that. The largest lending platform in DeFi cut borrowing rates to 0.5% and lending rates to 0%, and added USDC as collateral, to increase the Dai stablecoin liquidity. It also started to auction off its governance token MKR to raise enough Dai to cover the its bad debt, which resulted from the ether sell-off as the system to liquidate underwater loans broke down. While a flurry of measures have been taken, vault owners who got their entire position liquidated are wondering whether they’ll get compensated. As a result of the crisis, financial dapps had record activity, according to DappRadar. In non-MakerDAO and ether crash news, Alethio dug into its latest DeFi ecosystem map, which shows exploding growth. Ganesh Swami, co-founder of data firm Covalent, posted his first installment of our Flippening Series, where he’ll dig into the metrics which pulled him back to crypto and Ethereum when he was on his way out. And there’s more!

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