Blockchain & Crypto

Maker DAO Votes to Integrate Chainlink to Help Maintain DAI Stability

MakerDAO integrates blockchain data provider Chainlink’s Automation for price updates, liquidity balancing, and maintaining the stability of Maker’s DAI stablecoin.

DeFi giant MakerDAO announces onboarding of Chainlink’s Automation infrastructure.
Source: Unsplash

The community of Maker — a decentralized autonomous organization (DAO) — has voted to integrate Chainlink’s automated oracle to Keeper Network. This move will help maintain stability of DAI, Maker’s stablecoin.

The onboarding of Chainlink Automation to Keeper Network was announced by Maker on Twitter. Chainlink is a decentralized network of blockchain oracles that enables smart contacts to securely interact with off-chain data.

Keeper Network is a unified repository to coordinate between multiple third-party Keeper Networks. Interfacing with third-party keeper protocols helps maintain Maker, preventing failure of system components, and supporting Maker’s scaling.

“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.”

The onboarding of Chainlink is expected to expand Keeper Network’s capabilities, as well as make executions for the Maker Protocol more efficient and reliable.

Yesterday, Maker DAO’s contributors proposed to create Spark Protocol — a liquidity market for lending and borrowing crypto assets focused on Maker’s own stablecoin, DAI.