DAI Savings Rate Makes Exchange Debut as Maker Partners with OKEx
Maker Protocol’s internal savings product is set to be integrated on the OKEx platform in order to bring stable value accretion to the Asian market. Set to go live on December 23, the DAI Savings Rate (DSR) enables a trustless way to secure one’s wealth without the pitfalls of volatility. Using DSR is simple, and withdrawing/depositing is as easy as a few clicks, December 17, 2019.
Making Moves in Asia
With a simple integration onto OKEx‘s exchange platform, Maker is opening itself up to an array of new customers who are looking to earn passive income through savings products. Unlike a bank Fixed Deposit, DAI locked in DSR can be unlocked and spent, or relocked at any time in a few seconds.
DSR is located in the “pools” section of OKEx under “staking”, albeit it technically isn’t staking of any kind. Maker has emphasized their intent to go beyond the boundaries of the Ethereum and cryptocurrency community to make their mark on global finance.
Asian economies are for the most part, far away from the efficiency of North America and Europe. As a result, their currency depreciates and loses value in real-time, and against the dollar. Here’s where DSR makes a massive difference in people’s lives. As a synthetic dollar token, DAI enables users to hold USD as opposed to their native currency, say the Indian rupee or Chinese yuan.
Both of these Asian currencies depreciate against the dollar, so by holding the dollar, these users actually increase their future purchasing power depending on currency depreciation.
Stabilized Value as a Killer App
In a year where Bitcoin has both, gone up 250 percent and fallen 51 percent, the importance of stablecoins to the average investor should have been realized by now. Unfortunately, permissionless stablecoins are still a relatively untapped market, with just a few projects like Maker and Reserve truly exploring the space.
Cryptocurrency is often seen as an enabler in countries like Argentina and Venezuela with economics issues, as well as China which is plagued by autocracy and suppression of basic freedom. But the volatility of cryptocurrency is truly a hindrance for any of these parties. Sure, Venezuelans will not really be harmed by a 50 percent drop in Bitcoin over six months because their fiat currency depreciates at a far more alarming rate, but imagine if that 50 percent dip never even happened.
Stablecoins that can be used in a permissionless manner will be an increasingly important part of the future.