MakerDAO, the platform behind the DAI stablecoin, has integrated Chainlink’s decentralized oracle into its framework to maintain the stability of its currency. The integration follows a successful governance vote by MakerDAO’s network of bots called the Keeper Network, which controls the parameters of the DAI stablecoin to ensure its parity with the U.S. dollar.
Chainlink Automation is the latest third-party protocol added to the technology stack behind the DAI stablecoin. The Chainlink oracle will provide updates on functions like price, liquidity, and debt ceiling for DAI collateral assets. The debt ceiling is the maximum amount of DAI that can be minted against supported collateral assets.
DAO delegates agreed upon the Chainlink integration in a voting package that included dust parameter changes and compensation for recognized DAO delegates for January. Seventeen DAO delegates will receive a total of 109,048 DAI, while the Chainlink Automation integration on the Keeper Network will receive a stream of 181,000 DAI over six months.
In simpler terms, MakerDAO has added Chainlink’s technology to help maintain the stability of its DAI stablecoin, and DAO delegates have approved the integration along with other changes. The Chainlink oracle will provide updates on important functions for the DAI stablecoin, and the DAO delegates and Chainlink Automation integration will receive compensation in DAI tokens.