Tuesday, December 17, 2019

OKEx to Integrate MakerDAO’s Dai Saving Rates (DSR) on December 23

In a blog post published today, December 17, MakerDAO, a decentralized autonomous organization behind the Dai stablecoin ecosystem, announced that Hong Kong-based cryptocurrency exchange OKEx is all set to integrate its Dai Saving Rate (DSR) tool on December 23.

The integration will allow users of OKEx to earn a 4% annual return by holding Dai on the platform without any fees and no minimum or maximum deposit required to get started.

The blog post reads:

“Today, the China-based OKEx marketplace has announced an exciting new way for its millions of users to take advantage of the DSR. On December 23, users of the OKEx platform will be able to directly deposit Dai and stake it in the DSR to earn the savings rate plus an additional reward that is exclusive to OKEx—all without leaving the OKEx platform.”

MakerDAO said that while it has presence in Asian countries such Korea, Japan, China, and Singapore, this new integration “will help expand Maker recognition and accelerate the globalization of Dai.”

okex exchange

The company launched Dai Saving rates (DSR) month after MKR token stakeholders made an executive vote.

According to Tuesday’s announcement, users around the world have locked over 16 million Dai in the DSR contract in the three weeks since its launch.

In the last month, the firm upgraded its stablecoin single collateral Dai (SAI) multi-collateral Dai (MCD).

With the introduction of MCD, DSR was launched that rewards Dai holders with a variable interest rate paid out in Dai.

The Twitter handle of OKEx also announced that listing of MakerDAO’s stablecoin Dai on the take would take place tomorrow, December 18. By staking Dai on the OKEx, users can also enjoy 1% extra return. The similar announcement made by OKEx that reads:

“DSR is DAI’s current saving account, holders can stake DAI in the smart contract to get a stable yield return, where they retain total and independent control over their locked-up Dai at all times and users can withdraw any or all of their Dai at any time.”

Users can use OKEx Pool, a mining pool with a staking service that encourages long-term asset holding and offers users rewards, to stake their Dai tokens and earn the Dai Savings Rate, plus a reward, courtesy of OKEx.

As reported by Crypto Economy on December 8, Coinbase card also added support for MakerDAO’s DAI.

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