DAI Savings Rate (DSR) lands on OKEx for its millions of Asian users
DAI Savings Rate (DSR) lands on OKEx for its millions of Asian users
Defi

DAI Savings Rate (DSR) lands on OKEx for its millions of Asian users

By Stefania Stimolo - 17 Dec 2019

Chevron down

MakerDAO today announced that its new Maker Protocol savings service, DAI Savings Rate (DSR), will be available from December 23rd on the OKEx crypto-exchange to its millions of Asian users. 

According to the report, it seems that the new partnership between Maker and OKEx aims to integrate DAI Savings Rate (DSR), which was launched three weeks ago, into the crypto exchange platform based in China, so as to extend the adoption of the decentralised stablecoin also in Asia. The promotion will feature an additional bonus.

DSR was introduced on the Maker Protocol to allow DAI stablecoin owners to generate profits in just a few clicks. Since its launch, it appears that the total deposits of DAI locked into the new DSR savings contract already exceed 16 million DAI

Basically, by locking DAI on DSR, DAI holders are benefiting from the Saving Rate, like the current 4% return determined by Maker Governance or other services that are part of the decentralised finance ecosystem (DeFi).

Apparently, it seems that the idea of a Maker to encourage the adoption of DAI has been liked by the Asian crypto exchange which, in addition to being the first platform to integrate the DSR contract, offers an additional reward to participants. 

To be more specific, OKEx has integrated the DSR contract with its existing Pool service, which encourages users to hold long-term assets by offering them rewards (staking service).

As a result, OKEx users will be able to access the DAI Pool and deposit/lock as many DAI as they want in return for both the DSR earning and the OKEx platform’s pool staking. 

Thanks to this collaboration, Maker, which already has a significant presence in Asia, especially in China, Korea, Japan and Singapore, will be able to speed up the introduction and adoption of its DAI stablecoin, starting with OKEx. 

A move that could expand the horizons in Asia to include both the DAI stablecoin and DeFi in general, that is, all those financial instruments based on decentralised tools or networks that have recently been enjoying great success. 

Not by chance, MakerDAO seems to be the pioneer of decentralised finance. In fact, of the almost 2.7 million total Ether locked in DeFi, MakerDAO alone has 2 million ETH

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.