Recap: DeFi Week of March 9 🦄

Hello Defiers! Hope you’re having a good, safe weekend, recovering from the intense market turmoil of this past week and taking all the precautions to stay healthy. Summing up: The past week was the worst in history for crypto, with bitcoin down 40% and ether plunging almost 48%. DeFi was put to the test, and it wasn’t exactly pretty. Friday’s post focuses on how a design flaw in MakerDAO, the biggest platform in the ecosystem, allowed loan liquidators to take $4.5 million of ether collateral for free. The lending platform and issuer of the Dai stablecoin avoided shutdown and should come out stronger by implementing learning from what went wrong. MKR holders and those borrowers whose entire collateral got liquidated will feel the pain in the meantime. Thursday’s Defiant was on how my DeFi10 portfolio faired amid this market sell-off, and it turns out, open finance was a good place to weather the storm, but still no safe haven. On more cheerful news, the market for digi-physical tokens is heating up, changing ownership as we know it. This week’s interview was with white hat hacker legend Samczsun, who talked about open source’s double-edged sword and the need for dapps to have “pause buttons.”

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