Quantstamp Observes: An Emergent Form of Decentralized Governance in Ethereum Comes Together to Act as a Backstop to Maker -- with Smart Contract Coverage Warranty via Chainproof
Quantstamp, a leading blockchain security company, observes an emergent form of decentralized governance while securing the Maker syndicate Backstop Contract. Due to extreme cryptocurrency market volatility, the Decentralized Finance, or "Defi" community rallies to fill a shortfall in the Maker collateral by forming the DAI Backstop Syndicate, protecting the DAI stable coin.
An Emergent form of decentralized governance in Ethereum comes together to act as a backstop to maker after the DAI came off its peg. Quantstamp is providing a smart contract coverage warranty via Chainproof to cover the value of the Backstop Contract to further help protect the Defi community.