MakerDAO Crypto Community Goes Defensive Following DeFi Exploits

MakerDAO Crypto Community Goes Defensive Following DeFi Exploits

Today’s Governance call should be lively… a lot to discuss! Join and learn about the GSM delay & Dark Fix details. — Maker (@MakerDAO) February 20, 2020

The GSM is a mechanism in which MKR token holders are given a chance to review any changes that will go into the system and act accordingly if those changes are deemed to be malicious. Currently the module is set at zero hours which would enable a bad actor to infiltrate the system in real time or governance to be abused if compromised. Today’s meeting will put forward a proposal to raise the GSM to a 24 hour delay giving MKR holders a full day to respond to any spurious governance results. Previous attempts to push this through failed due to insufficient knowledge and lack of awareness as highlighted on the MakerDAO Forum. The Foundation development team has also proposed a Dark Fix mechanism, which provides a way to pre-authorize a specific bug fix without exposing its bytecode on-chain. DeFi is an embryonic crypto ecosystem, barely a couple of years old, so things will break and fixes will be required as it evolves. Bitcoin maximalists rushing to condemn it is completely counterproductive to the ethos of crypto and why we’re all here in the first place. Will DeFi continue to evolve into a truly decentralized ecosystem? Add your comments below.


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