A MakerDAO Vault Sells 65,000 ETH to Pay off Debt

The MakerDAO vault had $126M DAI worth of debt initially and now it still seems to have over $50M DAI worth of debt remaining after selling 65k ETH.

Written By:
Vismaya V

Last updated: June 13, 2022 9:34 AM

Published June 13, 2022 9:34 AM

Last updated: June 13, 2022 9:34 AM

Published June 13, 2022 9:34 AM

A vault from one of the largest DeFi platforms MakerDAO reportedly sells 65k ETH at an average price of 1155 USD per ETH to pay off debt.

A @MakerDAO Vault just sold 65k ETH to pay off debt and decrease their risk… seems this netted 150k in fees to @oasisdotapp 🤑

average price… 1155 USD per ETH 🥲https://t.co/tceIla0xuF pic.twitter.com/9hIaamVWI2
— mariano.eth | 🦇🔊 (@nanexcool) June 13, 2022

Ethereum developer mariano.eth revealed the news via Twitter where he found a MakerDAO vault sold the ETH to decrease the risk of debt which in turn seems to have netted 150k in fees to Oasis app.

Oasis is the front-end to access Maker Protocol and is the go to app for everything related to MakerDAO. Users can earn yield, borrow against their crypto, etc with Oasis.

Apparently the vault owner had over $126M DAI worth of debt. After selling the ETH, now the user still has over $50M of DAI debt left.

Latest reports from PeckShield reveals that the situation of $WETH / $USDC being down to $941 may relate to the above-mentioned MakerDAO vault selling off 65k ETH.