MakerDAO deploys on layer-2 network StarkNet to enhance functions of DAI stablecoin


MakerDAO deploys on layer-2 network StarkNet to enhance functions of DAI stablecoin

MakerDAO, a decentralized autonomous group (DAO) serving the favored DeFi lending protocol Maker, has introduced an upcoming deployment schedule on the decentralized zero-knowledge (ZK) Ethereum rollup, StarkNet.

Anticipated to change into absolutely operational within the third quarter of this 12 months as recognized within the protocol’s roadmap, the mixing will search to boost the multichain capabilities of their dollar-pegged stablecoin DAI, and related Maker Vaults operate, by striving to scale back transactional price and throughput pace on the community.

The transfer is basically according to their overarching multichain technique first witnessed through the launch of DAI token bridges on both Optimism and Arbitrum One in March and September 2021, respectively.

Core unit facilitator at StarkNet engineering Louis Baudoin noted that “as we see unsustainable gas fees drive more activity and users to a wider variety of blockchains, security challenges that come with bridging will continue to grow,” before stating that:

“Projects must move on to Layer-2 to continue to serve users, and MakerDAO is partnering with StarkNet to do exactly that. With this strategy, we are positioned to cement the Maker’s Protocol’s position as the leading decentralized lending protocol in the industry, and also the status of DAI as the most decentralized, secure stablecoin.”

Related: MakerDAO community proposal to replace MKR governance token

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In February this 12 months, StarkWare co-founders Uri Kolodny and Eli Ben-Sasson spoke to Cointelegraph in regards to the scalability necessities for the cryptocurrency’s mainstream adoption. This adopted the launch of their inaugural decentralized functions (DApps) on the StarkNet platform.

Based on analytical information from DeFi Llama, MakerDAO is at the moment positioned fourth within the leaderboard for total-value-locked with $14.24 billion, solely behind Curve, Lido and Anchor.