OKEx Becomes First Crypto Exchange to Offer DAI Staking

Popular cryptocurrency exchange OKEx is set to become the first major platform to integrate the Dai Savings Rate (DSR), which will allow its users to earn interest of over 4% a year on their Dai holdings.

According to a blog post, the cryptocurrency exchange will, on December 23, add the Dai Savings Rate to its platform. OKEx’s users will only have to deposit the Dai stablecoin and stake via the “Pool” section to start earning the interest.

Interest earning via the DSR is determined by Maker Governance. It’s currently at 4%, but OKEx is set to add an exclusive additional reward for its “millions” of users. How much that reward is isn’t clear. The post clarifies there are no minimum or maximum deposits needed to use the DSR, and there are also no fees involved.

MakerDAO touts OKEx’s integration will help accelerate the DSR’s adoption in Asia, and potentially introduce “millions more people to Dai.” This, even though it is already present in the continent, with foundation members located in China, Korea, Japan, and Singapore. The post reads:

As more users benefit from the Dai stablecoin and discover the advantages of the DSR, more exchanges, platforms, and projects will integrate both, introducing new groups of users to the Maker Protocol and the DeFi ecosystem.

The Dai Savings Rate was introduced to the decentralized finance ecosystem last month, when MakerDAO launched multi-collateral Dai.

Featured image via Pixabay.