MakerDAO reportedly integrates with Chainlink Automation to strengthen its Keeper Network to boost native stablecoin DAI’s financial stability. The integration is poised to boost MakerDAO’s Keeper Network—an automated system sustaining DAI’s infrastructure.
Announcing the news, MakerDAO tweeted:
Two renowned security pillars of the decentralized financial system are now working together for the first time.
— Sky (@SkyEcosystem) February 9, 2023
We’re happy to announce that MakerDAO has onboarded @Chainlink Automation as part of its Keeper Network. pic.twitter.com/wjouZzcqpS
A prominent DeFi lending protocol, MakerDAO announces the onboarding of Chainlink Automation onto its Keeper Network. The Keeper Network is an automated system operating on particular executions associated with the Maker Protocol (price and debt ceiling updates).
Chainlink’s decentralized oracle framework to MakerDAO’s infrastructure brings stability to DAI’s ecosystem. This would lead to “adding more external parties to network verification and maintenance processes.”
MakerDAO’s Growth Core Unit’s Nadia Álvarez 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 is set to enable doing particular tasks on the Maker Protocol smart contract system. These tasks also include Maker Oracles’ price updates, DAI Direct Deposit Module’s (D3M) liquidity balancing, and debt ceiling upgrades for collateralized assets.
With Chainlink Automation, MakerDAO boosts the third-party actors that perform its vital automated duties to better its and DAI’s core functionalities’ decentralization.
Johann Eid, VP, Go-To-Market, 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 Chainlink Automation integration to the Maker Protocol has MKR holders and delegates’ Executive Vote as its backdrop.
