Babbitt Cloud Summit | David Lei: The recent plunge has not had a big impact on the operation of the DeFi system

This afternoon (April 13), the wind is coming again. 2020-Babbitt Global Partners Cloud Summit held its seventh forum event with the theme "Crack the DeFi development bottleneck, where is the open financial path?". David Lei, the co-founder of The Force Protocol and ForTube, said that the recent plunge has shown us performance bottlenecks on the Ethereum network, which has led to skyrocketing network transaction rates. After a series of chain reactions, MakerDAO's auction mechanism did not operate as expected. As a result, because the attacker bid at 0 DAI / ETH and executed successfully, the ETH of the liquidator was maliciously liquidated and completely lost.

He also pointed out that apart from MakerDAO, most DeFi applications did not expose problems in this plunge. Even Dex, such as Uniswap and Kyber, set a new high in trading volume, showing vigorous vitality. After the short-term plunge, the price of Ethereum stabilized, and the community of crypto assets began to actively reflect on the impact of this plunge on the DeFi ecosystem. MakerDAO successfully held the first stage of the debt auction, which attracted the participation of well-known investment companies including Paradigm and Dragonfly. This also shows that the operation of the DeFi system has not been greatly impacted. A field. Live link: