MakerDAO Members Voting on a Safeguard Against BProtocol Flash Loan-Type Attack
The MakerDAO community is voting on a proposal to harden the protocol's governance structure against flash loan voting.
Oct 30, 2020 at 7:22 p.m. UTCUpdated Aug 19, 2021 at 5:24 a.m. UTC
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- The MakerDAO community is voting Friday on a proposal to change its governance system to harden it against flash loan attacks.
- This proposal comes after the team from BProtocol flash borrowed $7 million worth of MKR tokens from derivatives platform dYdX to swing a vote on Maker in its own favor.
- MakerDAO’s MKR token is required to vote on changes to the DeFi platform.
- According to a MakerDAO forum post, the proposed fix extends the delay between a proposal’s passing and its implementation from 12 hours to 72 hours, which would give the community enough time to review and veto an unfair vote.
- Additionally, the proposal would also deactivate two modules that allow users to freeze Maker’s liquidation engine and its oracle service.
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