MakerDAO Integrates Chainlink Automation for Stablecoin DAI
The decentralized lending platform MakerDAO has taken a major step in ensuring the stability of its stablecoin, DAI, by integrating Chainlink Automation. This integration will enhance the functionality of the Keeper system by providing price updates, liquidity balancing for the DAI Direct Deposit Module (D3M) and upgrades for the debt ceiling of assets held as collateral in the Maker ecosystem.
MakerDAO Governance Approves Integration
The integration was approved by the MakerDAO governance arm through a vote on Thursday, with the new system set to go live on Saturday, according to the MakerDAO voting page. The decision was taken to add Chainlink Automation to further stabilize the value of DAI, which is pegged to the USD.
MakerDAO – A Decentralized Lending Platform
Launched in 2017 on the Ethereum network, MakerDAO is a decentralized lending platform that offers loans in DAI against cryptocurrencies that are usually overcollateralized. The network is considered one of the oldest in the industry, and its stablecoin, DAI, is one of the most widely used.
Impact on the Price of Chainlink’s Token
The announcement of the integration has not had a significant impact on the price of Chainlink’s native token, LINK. At the time of writing, the digital asset was trading for $7.13, showing a slight increase of +0.14% in the past day and +0.03% in the past week.