MakerDAO's DSR to Launch on OKEx Exchange by December 23
According to the announcement, the popular digital currency exchange, OKEx will Integrate Dai Savings Rate (DSR) on its platform. MakerDAO said the feature would go live on the exchange by December 23, on the Maker Protocol.
The DSR feature enables Dai users to earn a 4% return on the token when the stake on the exchange. Also, once the feature goes live on OKEx, the customers can directly deposit Dai on the exchange.
Through the integration of Dai on OKEx's Pool, the exchange's million users can quickly deposit and stake the stablecoin on DSR, per the report. The initial earn rate will be decided by MKR holders.
Furthermore, MakerDAO noted that there are no fees required for staking, and also, no minimum or maximum deposit is required to start the DSR. "With the OKEx integration, adoption of the Dai Savings Rate can accelerate in Asia, introducing millions more people to Dai."
Through the DSR contract, which recently launched, MakerDAO said its users were able to lock over 16 million Dai in the three weeks since its inception.
MakerDAO's Recent Developments
Recently, MakerDAO launched an upgraded multi-collateral Dai stablecoin, which is said to add new features to Maker protocol. Previously, collaterals don't support ETH tokens; however, MakerDAO's is reportedly open to other ERC20 tokens. But, it doesn't include traditional assets as for collaterals yet.
On November 8, reports confirmed that the MakerDAO loan system reached its debt ceiling with about $100 million worth of DAI issued. Also, it saw over $339 million worth of ethereum kept as collateral.
"MakerDAO has hit that limit, and no more [DAI] can be generated until that debt limit is increased." In this course, the Maker Foundation called for a new debt ceiling of 120 million DAI. According to reports, it will now be voted on by MKR holders.
