DAI Stablecoin Hit by Ethereum (ETH) Congestion

The DAI stablecoin briefly lost its dollar peg, following collateral liquidations for the clients of DeFi Saver. The decentralized finance tool aggregates Ethereum-based lending and collateralization projects like Maker DAO and Compound, allowing users to control all from one wallet.

But the automatization process failed to work properly due to network overload. Collaterals were liquidated to cover for the extreme movement of ETH, which wiped out around 20% of its price in a rapid mid-week crash.

DeFi Saver announced its systems are now working properly, but pointed out that decentralized finance held risks and urged use…

This article appeared first on Cryptovest

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