MakerDAO partners with Chainlink Automation

CoindeskFebruary 10, 2023

MakerDAO, one of the largest decentralized finance (DeFi) platforms, has announced a new partnership with blockchain oracle network, Chainlink. This integration will allow MakerDAO to utilize Chainlink’s secure and reliable Chainlinks smart-contract automation. Chainlink Automation will run specific tasks, including price updates, liquidity balancing for the DAI Direct Deposit Module (D3M) and debt ceiling upgrades for assets held as collateral, according to the press release.

“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,” Nadia Álvarez, a member of MakerDAO’s Growth Core Unit, said in a statement.

The partnership between MakerDAO and Chainlink will have several benefits for both protocols. For MakerDAO, the integration with Chainlink will improve the stability of its Dai stablecoin and enhance the security of its financial products. For Chainlink, this partnership is a significant win as it solidifies its position as the leading provider of blockchain data services in the DeFi space.