Cryptocurrency exchange, OKEx is working toward helping holders of Dai stablecoin earn up to 4 percent return and other benefits via Dai Savings Rate (DSR).
According to an official announcement by the Dai token issuer, MakerDAO, the project, which was launched last month, would be integrated into the OKEx platform by December 23.
Once integrated, users will be allowed to deposit and stake the stablecoin to earn the stipulated 4 percent reward that will be determined by the Maker governance, as well as additional compensation from the exchange.
Maker stated that the initiative has been designed in a way that would be convenient to users, allowing them to deposit and withdraw the stablecoin anytime at zero cost, and will be made available to all Dai holders globally.
As per the announcement, benefiting from the DSR initiative has been designed to be as easy as toggling a switch, with users required to download the OKEx app and stake their Dai tokens.
The firm noted that once users stake the stablecoin, they will start earning the rewards associated with the initiative.
Notably, the decentralized autonomous organization (DAO) is hoping that the OKEx integration would further boost the adoption of the Dai stablecoin in the Asia region, and possibly “expand Maker’s recognition and accelerate the globalization of Dai.”
Since Maker launched the DSR, the Dai stablecoin issuer stated that users around the world had locked over 16 million Dai tokens in the DSR contract.
Maker is working actively to promote the adoption of the Dai project globally.
As reported last month, the firm launched a rebranded Dai token dubbed Multi-Collateral Dai (MCD), to help strengthen the token’s stability. At the time, Maker noted that different types of collateral would back the rebranded Dai tokens as opposed to its earlier launched Dai tokens that were supported by single collateral.