Binance lists Maker and Dai tokens amid DeFi boom

Crypto exchange Binance is today listing MakerDAO's governance token Maker (MKR) and decentralized stablecoin DAI.

The exchange supports eight trading pairs for the tokens — MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT.

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The listings come amid the decentralized finance (DeFi) boom. "DeFi is a hot topic for the blockchain industry this year. We received a lot of requests from our users [for the listings]," a Binance spokesperson told The Block.

Indeed, the DeFi market hit the $2 billion mark in total value locked for the first time earlier this month. The "yield farming" craze is one of the main reasons behind the rising interest, i.e., more people are trying to grab the highest possible yield from various DeFi products and protocols.

Decentralized exchange (DEX) trading volumes also surpassed the $1 billion mark last month.

Binance's listings come soon after similar action by Coinbase. The latter listed MKR in June and DAI in May. Other exchanges that support the two tokens include OKEx and Bitfinex, as well as DEX protocols such as Uniswap and Balancer.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.