OKEx exchange to integrate Dai Savings Rate, allowing users to earn 4% return
Quick Take
- Crypto exchange OKEx is integrating Dai Savings Rate next week
- It will allow holders of the stablecoin to earn a 4% return
- An OKEX spokesperson told The Block that the exchange will offer users an additional 40% annualized yield in the 7-day promotion period from Dec. 17 to Dec. 23
Cryptocurrency exchange OKEx is set to become the first major platform to integrate Dai Savings Rate (DSR), allowing holders of the stablecoin to earn a 4% return.
MakerDAO, a decentralized autonomous organization behind the Dai stablecoin ecosystem, announced the news Tuesday, saying that OKEx will integrate the DSR on Dec. 23 for its “millions” of users.
Once integrated, OKEx users will be able to directly deposit Dai and stake it in the DSR to earn the savings rate of 4%, as well as an additional reward from the exchange. An OKEx spokesperson told The Block that the exchange will offer new users a 40% annualized yield in the 7-day special rate period from Dec. 17 to Dec. 23.
"Users can stake a minimum of 10 DAI or a maximum of 2,000 DAI during the 40% annualized yield bonus period. The maximum bonus would be 2,000 * 40% / 365 * 7 = 15.34 DAI," said the spokesperson.
Existing users of OKEx can also receive a bonus by inviting new users to register on the platform. Maximum three invitees are allowed and for every new user invited, an existing user can get 3 DAI bonus.
"For example, user A invites new user B during the staking promotion period. After user B registered an account and holds a daily average of 1,000 DAI in his account, user A can get 3 DAI invitation bonus and user B can enjoy DSR 40% annualized yield for 7 days. If user B holds 2,000 DAI daily during the special bonus period, he can get 2,000 * 40% / 365 * 7 = 15.34 DAI bonus after the promotion period ends," said the spokesperson.
There are no minimum or maximum deposits required to get started with the DSR and there are also no fees, said MakerDAO, adding: “With the OKEx integration, adoption of the Dai Savings Rate can accelerate in Asia, introducing millions more people to Dai.”
MakerDAO activated the DSR last month after MKR token stakeholders made an executive vote. In Tuesday’s announcement, MakerDAO said users around the world have locked over 16 million Dai in the DSR contract in the three weeks since its launch.
UPDATE: This story has been updated to include comments from an OKEx spokesperson.
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