- Chainlink Automation has joined the MakerDAO Keeper Network.
- DAO members approved the integration after a vote.
- Chainlink Automation will adjust pricing, raise debt ceilings, and maintain stable cash flow for D3M.
According to a joint announcement from Chainlink and MakerDAO on February ninth, the oracle service, Chainlink Automation, will be integrated into Maker’s Keeper Network. The Maker Protocol relies on the Keeper system, an automated mechanism responsible for updating the debt ceiling and prices. It is anticipated that by including Chainlink’s oracle, performance and stability would improve.
Regarding the development, Nadia Alvarez, MakerDAO’s Growth Core Unit member, stated that Chainlink’s distributed oracle architecture would help solidify the Keeper Network’s key role in maintaining DAI.
Furthermore, Alvarez stated:
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 the most recent third-party protocol to be added to the technology stack of the DAI stablecoin. Its responsibilities will include adjusting pricing, maintaining a stable cash flow for the DAI Direct Deposit Module (D3M), raising debt ceilings against collateralized assets, etc. A debt ceiling is the maximum amount of DAI that may be issued against collateral.
As such, Chainlink automation will further decentralize and reinforce the Keeper Network’s verification and maintenance processes.
The Chainlink integration was included in a voting package approved by DAO delegates on Thursday. The voting package also included dust parameter modifications for several vault types and January remuneration for recognized DAO delegates. There are 17 DAO delegates, and they will split a sum of 109,048 DAI ($109,048) among themselves.
Commenting on the development, Johann Eid, v.p. of Go-To-Market at Chainlink Labs, the development firm behind Chainlink, “the advancement of the technology behind 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,” he added.
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