MakerDAO partners with Chainlink Automation for DAI stablecoin
MakerDAO recently announced the successful integration of Chainlink Automation. As the creator of DAI, the protocol has onboarded Chainlink to its Keeper Network.
MakerDAO’s Keeper Network acts as an automatic system running particular executions affiliated with Maker. Some of these actions are debt and price ceiling updates. Integrating Chainlink’s oracle framework and MakerDAO’s tech stack provides stability to DAI.
🔥 Building a stronger financial future ! @MakerDAO just raised the bar with their integration of @chainlink Automation, enhancing the financial stability of DAI. https://t.co/ug2Fu63I6J
— CryptoNewsZ (@cryptonewsz_) February 10, 2023
This also adds more external parties that can facilitate the maintenance process and network verification. Nadia Alvarez, a member of the MakerDAO Growth Core department, also talked about the onboarding process.
According to Nadia, the complex tools and technology that constantly maintain DAI’s reliability depend on the Keeper Network. It operates in the background using automated bots to conduct crucial tasks. It moderates Maker, and the latest integration will expand its functionalities even further.
After the integration, Chainlink Automation will run tasks on Maker smart contract framework. These tasks will include updating the price of Maker Oracles, upgrading the debt ceiling for assets, and balancing liquidity for D3M.
The automation platform will increase MakerDAO’s capability of running third-party actors. These parties will perform the essential tasks automatically, elevating the protocol’s decentralization.
Even Johann Eid, the Vice President at Chainlink Labs, talked about the development. According to Eid, the ongoing elevation of technologies supporting stablecoins are crucial to boost the finance industry.
Since more financial institutions are partnering with MakerDAO to assess DeFi, the framework needed to support it has become complex. By integrating Chainlink Automation, MakerDAO is showing its capabilities.
The development is a testament to the need for high-performance automation infrastructures. This will lead the DeFi industry towards a prosperous future, added Eid.
As the longest-standing decentralized finance lending protocol, MakerDAO holds the utmost significance in the market. That is why users are keenly following its progress with Chainlink.
