A newly developed technology called ‘Maker Teleport’ has been put into action by the world’s biggest DeFi protocol developer, MakerDAO. Protocol firm claims that the technology will help users in boosting their DAI stablecoin transactions by bypassing the ‘congested base layer’ of the Ethereum network.
MakerDOW Sets In Motion New DeFi Technology
An announcement has been made by MakerDAO which is undisputedly the world’s biggest decentralized finance (DeFi) project existing on Ethereum Blockchain.
The protocol can also be found on other blockchain networks, particularly those which are 2 layer-based networks.
In Ethereum and other 2-layer-based DeFi networks, approximately $6 Billion worth of DAI stablecoins form the total value locked (TVL).
In the announcement, MakerDAO revealed the launching of new technology which it has named as ‘Maker Teleport’.
Groundbreaking Innovation For Ethereum-based DeFi Projects
A claim has been made by MakerDAO that the Maker Teleport is capable of executing huge volumes of transactions with near-instant efficiency.
Similarly, the users would further be able to withdraw their funds from Ethereum and other 2 layer-based networks more quickly and robustly.
It was explained by MakerDAO that the new technology is in line with users’ expectations because they wanted more power, speed, and efficiency.
It further explained that now the users can easily bypass the congested base layers in the Ethereum network.
Currently Available For Optimism and Arbitrum Users
Currently, Maker Teleport has been made fully functional in two prominent DeFi projects on the Ethereum blockchain namely Optimism and Arbitrum.
The purpose behind launching Maker Teleport is to introduce other DeFi projects to adopt DAI which is one of the core objectives of MakerDAO.
It is said that Maker Teleport technology is a huge breakthrough in the already difficult DeFi sector. It is also believed that the technology would allow Ethereum blockchain users in improving various aspects of their trade executions.
Congestions No More
For instance, it has been claimed by MakerDAO that Maker Teleport is capable of bypassing a common issue of ‘congestion’.
Similarly, the technology will help the users in reducing exorbitant transactional fees (gas costs) collected during the time when there is huge traffic.
On the other hand, the technology also helps users in reducing costs and fees along with the transaction settlement time greatly.
Still There Is Room for Further Improvement
Prior to the integration of Maker Teleport, DAI transactions at Ethereum, etc. took more than 30 minutes time for settlement. In some cases, it was reported that settlement took even a couple of days.
However, DeFi has since evolved too much, and even though the transaction settlement time has significantly become efficient, yet users are still concerned.
Yet, there remain a few projects which are non-efficient, highly complex, charge an exorbitant fee, require an unnecessarily long time in processing, and are non-user friendly.
MakerDAO is one of the major contributors in the DeFi sector which is also committed to facilitating users for making DeFi accessible to the masses.