Representatives of the MakerDAO decentralized finance protocol announced the launch of instant transaction processing and a significant increase in the withdrawal speed when using the Ethereum blockchain and the Layer 2 network for the DAI stablecoin. At the moment, DAI’s market capitalization is $5.9 billion.
According to yesterday’s statement, the modern technology of Maker Teleport allows users to make transactions of the DAI stablecoin bypassing the base layer Ethereum. Access to Maker Teleport in Ethereum Arbitrum and Osmosis scaling networks according to MakerDAO multi-chain strategy to launch DAI bridges with a large number of traditional blockchain networks.
It is assumed that the launched technology will become critically important for DAI users, since the Ethereum network periodically has problems with congestion and high transaction costs in conditions of heavy traffic. The launch of Maker Teleport reduces the costs and transaction time when sending DAI between the Ethereum and Layer 2 networks, which previously took from half an hour to several days.
MakerDAO is a giant in the DeFi industry, and also deals with the issue of the largest decentralized stablecoin DAI. This year MakerDAO invested a share of its funds in the amount of $8 billion in US Treasury bonds and corporate bonds, simultaneously deciding to divide its organizational structure into smaller units as a result of controversial community votes.