23rdMarch, 2020, Singapore – Community-driven exchange BiKi.com is pleased to announce that it haslisted DAI,a stablecoin on the protocol MakerDAO. Known as the largest decentralized stablecoin, it is also the secondlargest stablecoin overall in terms of collateral value.
“BiKi is pleased to have many of the top100 coins listed with us over the last month, and now DAI has joined too,” saidEthan Ng,Southeast Asia CEO of BiKi.com. “We are honored that such a popularproject has placed their trust in us to provideexceptional listing services as we stay true to our promise of helping projectsgrow in top crypto markets like China, South Korea and Vietnam, throughcontinuous branding exposure. Already a well-known project, I have no doubtin DAI’s potential to thrive and play a part in the flourishing of the DeFiecosystem.”
This listing sees BiKi.com offering DAI trading as well as Dai Savings Rate (DSR) to itsplatform users. A variable rate of accrual earned by locking DAI in the DSRsmart contract, DSR allows DAI holders to earn savings automatically andnatively while retaining control of their DAI. With no withdrawal limits,deposit limits or liquidity constraints, users can freely enter in and out ofthe DSR, only needing to pay the ETH fee.
The DSR is also a monetary policy tool usedas a global parameter that can be raised or lowered by Maker (MKR) on-chaingovernance to influence demand for the DAI token. When DSR is raised itincentivizes users to hold more DAI, creating more demand, while the oppositeeffect occurs when DSR is lowered. The decentralized community of MKR tokenholders govern the MKR Protocol, the smart contracts that power DAI.
“Theinherent efficiency of the Maker Protocol and, by extension, the DeFiecosystem, are what allow the DSR to provide great savings opportunities forpeople everywhere,” said Rune Christensen, CEO of MakerDAO.
“The most amazing aspects of the DSR arethat it has no counterparty credit risks and it can be implemented on thebackend of any DeFi product that uses Dai,” he added.
“We are excited to see BiKi Exchange offerDAI trading and DSR,” said Doo Wan Nam,MakerDAO Business Development. “We hope the integrationof Dai and DSR will increase Dai use cases and awareness. Ranging from loans togames to remittance, Dai hedges users from volatility while providing financialfreedom. The world’s first unbiased currency.”
Unlikemost stablecoins that are fiat-backed and centralized, DAI is crypto-based anddecentralized. It is also widely used andrecognized, having over 550 live Dai integrations, such as that with UNICEF,and the numbers are growing. Derived from the Chinese character ?, meaning to lend or provide capital for a loan, the original Dai (now Sai) StablecoinSystem was launched in December 2017. Then in November 2019, the current Daisystem was launched. The newMulti-Collateral Dai (MCD) upgrades the Single-Collateral Dai (Sai) andincludes the DSR feature, allowing DAI holders everywhere to better power theirjourneys 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.
AboutBiKi.com
Headquartered inSingapore, BiKi.com is a global cryptocurrency exchangeranked Top 20 on CoinMarketCap. BiKi.com provides a digital assets platform fortrading more than 150 cryptocurrencies and 280 trading pairs. BiKi.com isfocused on providing the safest, most stable and most effective cryptocurrencytrading platform. 100% of the transaction fees are used in buyback and burningof platform token, BIKI. Since its official opening in August 2018, BiKi.com isconsidered one of the fastest-growing cryptocurrency exchanges in the worldwith an accumulated 2 million registered users, 200,000 daily active users,over 2,000 community partners and 200,000 community members. BiKi.com hasreceived investments from Huobi co-founder Du Jun, Genesis Capital Zhu HuaiYang, FBG Capital, ChainUP and others totaling approximately 10 million USD.
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