MakerDAO users prevented liquidations of more than $600 million
Ethereum's hourly bar for January 22 saw quotes sag to $2,500 (on the cryptocurrency exchange Binance). This was below the liquidation price set for seven Vaults with $630 million in aggregate collateral.
MakerDAO users can lower the liquidation price by posting additional collateral or returning DAI to Vault. This can be done even after the price reaches a critical point, as the protocol sends assets to auction with about a thirty-minute delay.
According to MakerDAO founder Rune Christensen, Vaults owners contributed additional collateral in time to save six of the seven "vaults." One of them did undergo liquidation - 28,048 ETH (~$65 million) were sold at the auction, which took place at about 2:00 (MSC).
