09 Feb 2023
MakerDAO Integrates Chainlink Automation To Enhance DAI's Financial Stability
The integration extends the capabilities of MakerDAO's Keeper Network, an automated system tasked with upholding DAI's infrastructure
MakerDAO, the longest-standing DeFi lending protocol and creator of DAI, the original, decentralized stablecoin, today announces that it has successfully onboarded Chainlink Automation as part of its Keeper Network. The Keeper Network is an automated system that runs specific executions associated with the Maker Protocol such as price and debt ceiling updates. The addition of Chainlink's decentralized oracle framework to MakerDAO's technology stack further stabilizes the DAI ecosystem by adding more external parties to network verification and maintenance processes.
Nadia Álvarez from MakerDAO's Growth Core Unit, said:
“The sophisticated technology and tools that quietly but constantly run in the background to ensure DAI's stability rely upon MakerDAO's Keeper Network. This network of automated bots perform essential tasks to maintain the Maker protocol and will be greatly expanded through the integration with Chainlink's renowned, hyper-reliable automation platform.”
Chainlink Automation will reliably run specific tasks on the Maker Protocol smart contract system. The tasks include Maker Oracles' price updates, liquidity balancing for the DAI Direct Deposit Module (D3M) and debt ceiling upgrades for assets held as collateral. By onboarding Chainlink Automation, MakerDAO increases the number of third-party actors tasked with performing these essential, automated duties of the Maker Protocol, thus improving the decentralization of the Maker Protocol and DAI's core functionalities.
Johann Eid, VP of Go-To-Market at Chainlink Labs, said:
“The advancement of the technology backing stablecoins is a necessary component to unlock the future of finance. As more and more traditional financial institutions partner with MakerDAO and assess the applicability of DeFi, the required underlying infrastructure becomes increasingly complex. Integrating Chainlink with MakerDAO demonstrates the necessity for highly performant automation infrastructure and indicates a prosperous future for decentralized financial services.”
The integration of Chainlink Automation to the Maker Protocol resulted from an Executive Vote enacted by MKR holders and delegates.
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