UPDATE: The MKR Debt Auction will now take place at approximately 10:28 ET (14:28 UTC) on March 19.
Due to recent market activity and the resulting accumulation of protocol debt in the MakerDAO system, an MKR token auction will occur on the Maker Protocol, March 19th, tentatively starting at 10:28 ET (14:28 UTC) on March 19. to recapitalize the system, as explained in the whitepaper. This auction is open to anyone; however, all participants must run an Auction Keeper, open-source software that enables users to bid in the auction process.
Ecosystem players, such as Paradigm, have come forward regarding their intent to participate in the decentralized recapitalization process.
As noted above, those interested in participating will need to set up and operate an Auction Keeper. For assistance, review documentation here, or watch this informational video.
If you have the resources to meet the minimum bid requirements, but have questions about participating, please speak to members of the MakerDAO community, either in MakerDAO’s public Rocket Chat or the MakerDAO forum.
Once again, we thank the community for rallying around Maker and for their enthusiasm to discuss, debate, and decide on the Maker Protocol’s parameters at the height of the recent market tumult. Participation in this auction and in Maker governance by the community and any interested party will serve to strengthen the Maker Protocol now and in the future.