The integration extends the capabilities of MakerDAO’s Keeper Network, an automated system tasked with upholding DAI’s infrastructure

SAN FRANCISCO, Feb. 9, 2023 /PRNewswire/ — MakerDAO, the longest-standing DeFi lending protocol and creator of DAI, the original, decentralized stablecoin, today announces that it has successfully onboarded Chainlink Automation as part of its Keeper Network. The Keeper Network is an automated system that runs specific executions associated with the Maker Protocol such as price and debt ceiling updates. The addition of Chainlink’s decentralized oracle framework to MakerDAO’s technology stack further stabilizes the DAI ecosystem by adding more external parties to network verification and maintenance processes.

Nadia Álvarez from MakerDAO’s Growth Core Unit, 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 will reliably run specific tasks on the Maker Protocol smart contract system. The tasks include Maker Oracles’ price updates, liquidity balancing for the DAI Direct Deposit Module (D3M) and debt ceiling upgrades for assets held as collateral. By onboarding Chainlink Automation, MakerDAO increases the number of third-party actors tasked with performing these essential, automated duties of the Maker Protocol, thus improving the decentralization of the Maker Protocol and DAI’s core functionalities.

Johann Eid, VP of Go-To-Market at 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 integration of Chainlink Automation to the Maker Protocol resulted from an Executive Vote enacted by MKR holders and delegates.

About MakerDAO

MakerDAO is the decentralized autonomous organization (DAO) that powers the longest-standing DeFi lending protocol and enables the creation of DAI, the original decentralized stablecoin.

Governance of MakerDAO is completely decentralized, with proposals tabled and voted on by the Maker Community, comprising people from all over the world. Utilizing an embedded governance mechanism, the decentralized and self-sustaining Maker Community holds sole authority to enact changes to the Maker Protocol through on-chain voting, using the native governance token, MKR.

For more information about MakerDAO, visit makerdao.com, its community portal, official forum, and Twitter.

About Maker Vaults

Maker Vaults are an essential component of the MakerDAO DeFi ecosystem that enables owners to deposit collateral and generate DAI, the original decentralized stablecoin. The protocol accepts both crypto and real-world assets as collateral for loans. The Maker Protocol also offers Institutional Vaults for TradFi and DeFi organizations to secure predictable rates of returns and access loans with the highest standards of fairness and transparency. The Maker Direct Deposit DAI Module (D3M) is a type of Maker Vault that provides liquidity to third-party lending protocols.

For more information about Maker Vaults, visit makerdao.com, the community portal, official forum, and Twitter.

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

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SOURCE Chainlink; MakerDAO

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