The MakerDAO Community Has Passed a Vote to "Reduce Harbor Trade's Credit Pool Debt Ceiling"

The MakerDAO community’s poll proposal on “reducing the debt ceiling of the Harbor Trade credit pool” has now passed. The proposal plans to reduce the debt ceiling of 7 million DAI to 0, and the proposal has passed 100%. The proposal says there are 1.5 million DAI outstanding in Harbor Trade’s trading vaults. The debt was backed by a $2.1 million loan from a single borrower, which defaulted in April. Harbor Trade is actively participating in the resolution process and anticipates meaningful or complete recovery. While Harbor Trade has verbally committed to halting additional withdrawals and voluntarily closing the vault, community members have expressed concern about the existing $7 million debt ceiling and possible increased risk to the vault.