Maker Foundation joins Binance, LG on Klaytn’s Governance Council

  • 02 November 2020, Monday, 05:06
Maker Foundation joins Binance, LG on Klaytn’s Governance Council
Source: Pixabay

Klaytn, a blockchain project backed by South Korean Internet giant, Kakao, has announced that Maker Foundation, the organization bootstrapping the Ethereum-based MakerDAO project, has joined the Governance Council of the Klaytn public blockchain.

We are excited to announce that #MakerDAO which generates stablecoin, #Dai is joining the #Klaytn Governance Council. Please check out the blog for more details ????

— Klaytn (@klaytn_official) November 2, 2020

The Maker Foundation is the 32nd member to join Klaytn’s shared governance consortium, joining huge multinational businesses like LG Electronics, Binance, Celltrion, and the Union Bank of the Philippines.

The admission to the council will lead to closer cooperation between the two parties. Maker Foundation will now operate within the consensus node network and undertake its share of platform ownership.

The development was welcomed by Klaytn’s Jason Han who said, “We are excited for Maker Foundation to collaborate with other Council members for providing a stable foundation for the Klaytn ecosystem.” Han added,

“We will also improve the interoperability between Klaytn and Ethereum and build many use cases of digital assets that can seamlessly flow across two chains.”

In August, the Maker Foundation had helped ‘Ozys,’ a Korean blockchain tech company that is also part of the Governance Council, launch EveryDAI. This connects MakerDAO’s stablecoin DAI and Klaytn’s KLAY by allowing DAI to be transferred to Klaytn as ‘K-DAI’ and vice versa.

Maker plans to develop use cases of K-DAI within the Klaytn community through joint research, while also building infrastructure for various digital assets to be transferred across multiple chains.

DAI is a crucial part of the DeFi ecosystem, with Q3 seeing the highest levels of volume. This partnership with Klaytn will further increase the token’s velocity and utility going forward.