Today MakerDAO had some issues. Specifically, there were undercollateralized vaults being auctioned off for zero DAI. This was, the story goes, because of extreme network congestion. The “zero bids” simply had no competition.
Now, it seems to me that designing for network congestion is similar to designing for denial of service attacks. With time-sensitive financial operations on a public blockchain I can certainly understand how something like the auction mechanism design gets tricky very quickly.
I’m interested in discussing such designs in and of themselves - but that’s not the sole reason for this post.
It seems there must have been another, simultaneous, failure. That failure looks to be that there was a lack of information and accessible tooling for participating in collateral auctions.
If you were a developer (and so inclined), you could participate in the auctions by following the guides over here. (Note: the documentation itself lists the intended audience as developers.)
It seems that merely incentivizing participation with potential profits at the system level isn’t enough — the methods of participation need to be made more accessible to broader audiences.
Lend me your thoughts: To what extent can a lack of education and accessible interfaces for participation be considered a ĐApp security problem?