Emergency Shutdown Module
The ESM is a contract with the ability to call
end.cage(), i.e. trigger an
Emergency Shutdown (aka Global Settlement).
join their funds, which are then immediately burnt. When the ESM's
sum balance is equal to or greater than the
min threshold, the ESM
It is meant to be used by an MKR minority to thwart two types of attack:
- malicious governance
- critical bug
In the former case, the pledgers will have no expectation of recovering the funds (as that would require a malicious majority to pass the required vote), and their only option is to set up an alternative fork in which the majority's funds are slashed.
In the latter case, governance can choose to refund the ESM pledgers by minting new tokens.
If governance wants to disarm the ESM, it can only do so by removing its
authorization to call
firecan be called by anyone
firecan be called only once
sumto be >=
joincan only be called before
- gems are burnt immediately upon