• MakerDAO has integrated Chainlink’s decentralised oracle framework to enhance the stability of its DAI stablecoin.
• The integration follows a governance proposal that was approved by Maker (MKR) holders.
• The Keeper Network offers an automated system that provides updates on price and debt ceiling, helping to stabilise the DAI infrastructure.
MakerDAO Integrates Chainlink Automation
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.
Keeper Network Updates Price and Debt Ceiling
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. 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.
Governance Proposal Passes Vote
Automation via Chainlink’s oracle network is critical to MakerDAO’s technology stack, with activation set to help stabilise DAI. An proposal over the integration passed in a governance vote by Maker (MKR) holders and will be subject to a 48-hour delay as stipulated in MakerDAO’s governance pause delay before it can be executed.
Integration Enhances Stability of Stablecoin
The sophisticated technology and tools used by Keeper Network help ensure DAI’s stability while being greatly expanded through the integration with Chainlink’s renowned automation platform according to Nadia Álvarez, a member of MakeDao’s Growth Core Unit.
Conclusion
The integration between MakerDao and Chainlink is expected to enhance the stability of its DAI stablecoin while increasing decentralisation due to additional third-party actors involved in tasks such as liquidity balancing for DAI. In order for these changes to take effect, they must pass through a 48-hour delay period before they can be executed further strengthening security measures within this protocol infrastructure
