MakerDAO Merges with Chainlink for DAI Stablecoin
Chainlink Automation will perform specific tasks such as price updates and liquidity balancing to help keep Maker's $5 billion DAI stablecoin stable.
Maker DAO integrated with Chainlink
MakerDAO, one of the largest decentralized finances (DeFi) platforms, announced Thursday that it has successfully integrated blockchain data provider Chainlink's smart contract automation into its Keeper system, which ensures the stability of Maker's DAI stablecoin.
According to the press release, Chainlink Automation will perform specific tasks such as price updates, liquidity balancing for the DAI Direct Deposit Module (D3M), and debt ceiling upgrades for assets held as collateral.
“This network of automated bots performs essential tasks to maintain the Maker protocol and will be greatly expanded through the integration with Chainlink’s renowned, hyper-reliable automation platform,” Nadia Álvarez, a member of MakerDAO’s Growth Core Unit, said in a statement.
Maker is an automated crypto lender that has $7 billion in assets pledged on its platform and also issues the $5 billion DAI stablecoin. The protocol is governed by a decentralized autonomous organization through proposals and voting, and holders of the maker (MKR) governance token can support or oppose decisions.
The move was approved by the community in an executive vote that ended Thursday at 03:23 UTC. According to MakerDAO's voting page, the integration will be ready for use on Saturday.
Chainlink evolved into a deeply embedded software platform
The decision comes as Chainlink has evolved into a deeply embedded software platform, also known as oracle, in the Web3 ecosystem for feeding blockchain networks with real-world data. It has formed extensive alliances with both crypto and traditional companies, including telecom giant Deutsche Telekom and interbank communication provider SWIFT.
“The advancement of the technology backing stablecoins is a necessary component to unlock the future of finance,” said Johann Eid, vice president of Go-To-Market at Chainlink Labs, the developer firm behind Chainlink. “As more and more traditional financial institutions partner with MakerDAO and assess the applicability of DeFi, the required underlying infrastructure becomes increasingly complex,” he said about the integration.
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