SINGAPORE–(BUSINESS WIRE)–Community-driven exchange BiKi.com is pleased to announce that it has listed DAI, a stablecoin on the protocol MakerDAO. Known as the largest decentralized stablecoin, it is also the second largest stablecoin overall in terms of collateral value.
“BiKi is pleased to have many of the top 100 coins listed with us over the last month, and now DAI has joined too,” said Ethan Ng, Southeast Asia CEO of BiKi.com. “We are honored that such a popular project has placed their trust in us to provide exceptional listing services as we stay true to our promise of helping projects grow in top crypto markets like China, South Korea and Vietnam, through continuous branding exposure. Already a well-known project, I have no doubt in DAI’s potential to thrive and play a part in the flourishing of the DeFi ecosystem.”
This listing sees BiKi.com offering DAI trading as well as Dai Savings Rate (DSR) to its platform users. A variable rate of accrual earned by locking DAI in the DSR smart contract, DSR allows DAI holders to earn savings automatically and natively while retaining control of their DAI. With no withdrawal limits, deposit limits or liquidity constraints, users can freely enter in and out of the DSR, only needing to pay the ETH fee.
The DSR is also a monetary policy tool used as a global parameter that can be raised or lowered by Maker (MKR) on-chain governance to influence demand for the DAI token. When DSR is raised it incentivizes users to hold more DAI, creating more demand, while the opposite effect occurs when DSR is lowered. The decentralized community of MKR token holders govern the MKR Protocol, the smart contracts that power DAI.
“The inherent efficiency of the Maker Protocol and, by extension, the DeFi ecosystem, are what allow the DSR to provide great savings opportunities for people everywhere,” said Rune Christensen, CEO of MakerDAO.
“The most amazing aspects of the DSR are that it has no counterparty credit risks and it can be implemented on the backend of any DeFi product that uses Dai,” he added.
“We are excited to see BiKi Exchange offer DAI trading and DSR,” said Doo Wan Nam, MakerDAO Business Development. “We hope the integration of Dai and DSR will increase Dai use cases and awareness. Ranging from loans to games to remittance, Dai hedges users from volatility while providing financial freedom. The world’s first unbiased currency.”
Unlike most stablecoins that are fiat-backed and centralized, DAI is crypto-based and decentralized. It is widely used and recognized, having over 550 live Dai integrations, such as that with UNICEF, and the numbers are growing. Derived from the Chinese character 貸, meaning to lend or provide capital for a loan, the original Dai (now Sai) Stablecoin System was launched in December 2017. Then in November 2019, the current Dai system was launched. The new Multi-Collateral Dai (MCD) upgrades the Single-Collateral Dai (Sai) and includes the DSR feature, allowing DAI holders everywhere to better power their journeys to financial inclusion.
Currently over USD 714 million worth of assets is locked in the system including around USD 66.5 million locked for DSR which is over 55% of total DAI. MakerDAO has received investments from top funds such as Andreessen Horowitz, Polychain and Dragonfly Capital.
MakerDAO joins the ranks of other projects like Dash, Electroneum and Matic, who were listed on the BiKi platform over the past month. Increasingly gaining the attention of popular tokens in the industry, BiKi’s listing services include continuous branding exposure, community building with key influencers as well as joint campaigns. These attractive benefits will continue to attract premium projects for listing on the community-driven exchange.
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange ranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform for trading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com is focused on providing the safest, most stable and most effective cryptocurrency trading platform. 100% of the transaction fees are used in buyback and burning of platform token, BIKI. Since its official opening in August 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 2 million registered users, 200,000 daily active users, over 2,000 community partners and 200,000 community members. BiKi.com has received investments from Huobi co-founder Du Jun, Genesis Capital Zhu Huai Yang, FBG Capital, ChainUP and others totaling approximately 10 million USD.