Singapore – Crypto trading firm BiKi.com has listed DAI, the largest decentralized stablecoin, also the second largest stablecoin overall in terms of collateral value.
Southeast Asia CEO of BiKi.com Ethan Ng has expressed his delight to have the MakerDAO stablecoin on the platform:
“BiKi is pleased to have many of the top 100 coins listed with us over the last month, and now DAI has joined too. 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.”
BiKi.com will be offering DAI trading and Dai Savings Rate (DSR) to its platform users. Dai Savings Rate is a variable rate of accrual which is earned by locking DAI in the DSR smart contract. It allows DAI holders to earn savings automatically and natively while still retaining control of their DAI. There are no withdrawal limits, deposit limits or liquidity constraints. Users can freely enter in and out of the DSR and only need to pay the ETH fee.
A monetary policy tool used as a global parameter, the DSR can be raised or lowered by Maker (MKR) on-chain governance to influence demand for the DAI token. When the DSR is raised, it will incentivize users to hold more DAI, thus creating more demand. The opposite effect occurs when the DSR is lowered. The MKR Protocol (the smart contracts that power DAI) is governed by the decentralized community of MKR token holders.
“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 CEO of MakerDAO, Rune Christensen.
“The most amazing aspects of the DSR are that it has no counterparty credit risks” continued Christensen, ”and it can be implemented on the backend of any DeFi product that uses Dai.”
Doo Wan Nam, MakerDAO Business Development, was excited to see “BiKi Exchange offer DAI trading and DSR”.
“We hope the integration of Dai and DSR will increase Dai use cases and awareness,” said Doo. “Ranging from loans to games to remittance, Dai hedges users from volatility while providing financial freedom. The world’s first unbiased currency.”
DAI is crypto-based and decentralized, unlike most stablecoins that are fiat-backed and centralized. Widely used and recognized, it has over 550 live Dai integrations, like that with UNICEF, and these numbers are growing. The name Dai came from the Chinese character 貸, which means to lend or provide capital for a loan. The original Dai (now Sai) Stablecoin System was then launched in December 2017 with the current Dai system launched in November 2019. The new Multi-Collateral Dai (MCD) is an upgrade of the the Single-Collateral Dai (Sai). MCD includes the DSR feature, thereby allowing DAI holders everywhere to power their journeys to financial inclusion.
With more than USD714 million worth of assets currently locked in the system, and including USD66.5 million locked for DSR which accounts for over 55% of total DAI, MakerDAO has received investments from top funds like Andreessen Horowitz, Dragonfly Capital and Polychain.
With this listing, MakerDAO joins the ranks of projects like Dash, Electroneum and Matic. All were listed on the BiKi platform over the past month, a platform that has been Increasingly gaining the attention of popular tokens in the industry. BiKi’s project listing services include giving projects continuous branding exposure, community building with key influencers and also jointly organized campaigns, all of which are attractive benefits that will continue to attract choice projects interested in 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.