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 totally operational within the third quarter of this 12 months as recognized within the protocol’s roadmap, the combination will search to reinforce the multichain capabilities of their dollar-pegged stablecoin DAI, and related Maker Vaults operate, by striving to cut back transactional value and throughput pace on the community.

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

Core unit facilitator at StarkNet engineering Louis Baudoin famous that “as we see unsustainable fuel charges drive extra exercise and customers to a greater diversity of blockchains, safety challenges that include bridging will proceed to develop,” earlier than stating that:

“Tasks should transfer on to Layer-2 to proceed to serve customers, and MakerDAO is partnering with StarkNet to do precisely that. With this technique, we’re positioned to cement the Maker’s Protocol’s place because the main decentralized lending protocol within the business, and likewise the standing of DAI as probably the most decentralized, safe stablecoin.”

Associated: MakerDAO group proposal to interchange MKR governance token

Bullish for our first Twitter Area! ️ @prose011 would be the host of this primary version during which we’ll speak with @KryptoKiril from @Nexo.

Major subject: $MKR, $DAI, @Nexo and CeFi & DeFi integrations.

When?: April 21 4 PM UTC

The place?: Right here, on this Twitter account! pic.twitter.com/3HmlgyCNlV

— MakerDAO Development (@MakerGrowth) April 19, 2022

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

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