• MakerDAO has integrated Chainlink’s decentralised oracle framework to enhance the stability of its DAI stablecoin.
• The integration was approved in a governance vote by Maker (MKR) holders.
• The automation will help stabilise the DAI infrastructure, including via updates on price and the debt ceiling.
MakerDAO Integrates Chainlink Automation
MakerDAO has onboarded Chainlink’s decentralised oracle framework to enhance the stability of its DAI stablecoin. This integration was approved in a governance vote by Maker (MKR) holders and follows a proposal for various changes, including dust parameters and recognised DAO delegates‘ compensation package for January to 8 February, 2023, which passed on 9 February at 03:23 UTC.
The Keeper Network helps uphold the DAI infrastructure and offers an automated system that executes specific functions related to the Maker Protocol. These tasks include providing updates on price and debt ceiling, liquidity balancing for DAI as well as increased decentralisation due to the addition of third-party actors.
Chainlink Oracle Framework
The integration with Chainlink’s automation tool is critical to MakerDAO’s technology stack as it will help stabilise DAI. It provides sophisticated technology and tools that run in the background to ensure DAI’s stability through MakerDAO’s Keeper Network which consists of automated bots performing essential tasks to maintain the Maker protocol.
To ensure security, all changes are subject to a 48-hour delay as stipulated in MakerDAO’s governance pause delay from when they are passed in a governance vote until they can be executed. This measure is put in place to prevent any malicious activity or errors before they can take effect.
Benefits Of Integration
The integration with Chainlink offers many benefits such as improved decentralisation due to third-party actors being added into the network, liquidity balancing for Dai as well as updated information on price and debt ceiling helping improve overall efficiency of transactions made using Dai currency. This ultimately leads towards increased trustworthiness of Dai stablecoin making it more attractive option for users looking for secure digital asset options