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There was nothing unexpected here. Users traded their eth X days ago for dai, with the full intention of adjusting their liquidity characteristics What happene
by vinniejames 7y ago
There was nothing unexpected here. Users traded their eth X days ago for dai, with the full intention of adjusting their liquidity characteristics
What happened here simply precluded the possibility of the reverse trade when the loan became under collateralized, this was not unclear to anyone involved
- ppf 7y agoTraded? You mean loaned. That was always the wording that was used to promote DAI, whatever the underlying transaction might be.
- vinniejames 7y agoUsers didft "loan" their lost ETH, they traded the ETH in as collateral and took out a loan in DAI. This collateral trade was made with full awareness that if the loan became under collateralized the ETH would be liquidated and sold at auction