MakerDAO deploys on layer-2 network StarkNet to enhance functions of DAI stablecoin
Categories: Crypto News US
MakerDAO, a decentralized autonomous organization (DAO) serving the popular DeFi lending protocol Maker, has announced an upcoming deployment schedule on the decentralized zero-knowledge (ZK) Ethereum rollup, StarkNet. Expected to become fully operational in the third quarter of this year as identified in the protocol's roadmap, the integration will seek to enhance the multichain capabilities of their dollar-pegged stablecoin DAI, and associated Maker Vaults function, by striving to reduce transactional cost and throughput speed on the network.
The move is largely consistent with their overarching multichain strategy first witnessed via the launch of DAI token bridges on both Optimism and Arbitrum One in March and September 2021, respectively.In February this year, StarkWare co-founders Uri Kolodny and Eli Ben-Sasson spoke about the scalability requirements for the cryptocurrency's mainstream adoption. This followed the launch of their inaugural decentralized applications (DApps) on the StarkNet platform. According to analytical data from DeFi Llama, MakerDAO is currently placed fourth in the leaderboard for total-value-locked with $14.24 billion, only behind Curve, Lido and Anchor.
MakerDAO is an Ethereum-based decentralized independent association liable for administering the creation and the executives of the DAI stablecoin. DAI is intended to keep a steady worth comparative with the US dollar using brilliant agreements and collateralization with other cryptographic forms of money.
Layer-2 organizations, like StarkNet, are arrangements based on top of existing blockchains like Ethereum that intend to upgrade adaptability and diminish exchange costs. These organizations give an extra layer of foundation that can deal with countless exchanges off-chain, lessening blockage on the principal blockchain.
If MakerDAO somehow happened to convey on StarkNet or another layer-2 organization, it might actually profit from expanded exchange throughput, quicker affirmation times, and decreased exchange expenses. Notwithstanding, it's critical to take note of that the particular specialized subtleties, execution, and sending plans of MakerDAO on StarkNet or some other layer-2 organization would be dependent upon the improvement choices made by the MakerDAO group and the local area.
For the most cutting-edge data in regards to MakerDAO's arrangement on layer-2 organizations, I suggest visiting their authority site or following their authority declarations and virtual entertainment channels.