- MakerDAO’s integration of Chainlink extends on the Maker’s automated system Keeper Network.
- The automation will help stabilise the DAI infrastructure, including via updates on price and the debt ceiling.
- An proposal over the integration passed in a governance vote by Maker (MKR) holders.
MakerDAO has onboarded Chainlink’s decentralised oracle framework as it looks to enhance the stability of its DAI stablecoin.
The integration with Chainlink’s automation tool follows a governance proposal that saw Maker (MKR) holders approve the launch of the oracle system on MakerDAO’s Keeper Network, the DAI creator announced on Thursday.
MakerDAO integrates Chainlink oracle for DAI
The Keeper Network helps uphold the DAI infrastructure, offering an automated system that executes specific functions related to the Maker Protocol, including providing updates on price and debt ceiling.&
The Maker Protocol will also benefit from tasks such as liquidity balancing for DAI as well as increased decentralisation due to the addition of third-party actors.
Automation via Chainlink’s oracle network is therefore critical to MakerDAO’s technology stack, with activation set to help stabilise DAI.
“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,” Nadia Álvarez, a member of MakerDAO’s Growth Core Unit, said. &
As highlighted above, integration with Chainlink followed a vote on what was a wider proposal for various changes, including dust parameters and recognised DAO delegates’ compensation package for January to 8 February, 2023.
Per an update from MakerDAO, the executive proposal passed on 9 February, 2023 at 03:23 UTC and is subject to a 48-hour delay as stipulated in MakerDAO’s governance pause delay. The security measure means the changes can now be executed as of 11 February, 2023 beginning 03:23 UTC.
Following the vote, MakerDAO will avail 181,000 DAI to the Chainlink Automation Keeper Network for the next six months, translating to 1,000 DAI per day.
The post MakerDAO integrates Chainlink automation to enhance DAI stability appeared first on CoinJournal.
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