MakerDAO Community Votes to Approve Chainlink Integration

Summary:
• Chainlink and Maker have come together to improve the efficiency of the Maker Protocol, by helping improve DAI stability.

In the last few hours, MakerDAO has said that it has added Chainlink Automation into its Keeper Network. This merger is a result of an Executive Vote cast by MKR shareholders and delegates. After a vote that wrapped up on Thursday, the community unanimously gave their OK to the change, and the integration will now come into action from Saturday.

What the integration means

As an automated system, the Keeper Network carries out the Maker Protocol’s assigned executions such as the updating of prices and debt limits. It’s a collective mind of automated programs that regulate things like the DAI’s pricing and debt limit to keep it stable against the dollar.

Through on-chain voting with the Maker Protocol’s native governance token, MKR, the decentralised Maker Community has the final say over protocol updates. MakerDAO’s use of Chainlink’s decentralised oracle platform strengthens the DAI ecosystem by involving more third parties in the network ‘s verification and maintenance.

The Chainlink Automation will now be in charge of a number of functions, such as updating prices and balancing liquidity for the DAI Direct Deposit Module (D3M) and increasing the debt ceiling for assets used as collateral. By involving additional third-parties in the verification and maintenance of the network, MakerDAO’s incorporation of Chainlink’s decentralised oracle infrastructure strengthens the entire DAI ecosystem.

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.”

Chainlink allows developers to create advanced Web3 apps that can interact with real-world data and do computation outside of the blockchain. Maker, on the other hand, is a fully-automated cryptocurrency lender, that maintains over $7 billion in assets.

MakerDAO’s incorporation of Chainlink Automation raises the number of third-party entities responsible for automating core Maker Protocol operations. The decentralisation of the Maker Protocol and the essential features of DAI will be strengthened as a result of this.