OKEx has added support for a new feature that allows users of stablecoin Dai (DAI) to earn interest by staking their holdings.
On Dec. 17 a blog post was published confirming that users can now stake their Dai via its in-house mining pool, Pool. In return, they will earn 4% interest via Dai savings rate (DSR) along with an added incentive from OKEx.
OKEx Is The First Crypto Exchange To Integrate DSR
OKEx is the first crypto exchange to integrate DSR, and the feature will go live on Dec. 23.
The blog post stated:
“On December 23, users of the OKEx platform will be able to directly deposit Dai and stake it in the DSR to earn the savings rate plus an additional reward that is exclusive to OKEx—all without leaving the OKEx platform”
Dai Pales In Comparison To Tether
Dai, along with all the other stablecoins on the market, pales in comparison to Tether (USDT).
According to data from analytics firm Messari:
USDT trailing daily volume dwarfs its competitors —
As of Dec. 3, Tether’s figure was over $19 billion. By contrast, the second-largest stablecoin by volume, TrueUSD (TUSD), managed just $118.5 million. Dai’s figure for the same date was $1.65 million, or 200% less than Tether.
The blog post continued:
“With the OKEx integration, adoption of the Dai Savings Rate can accelerate in Asia, introducing millions more people to Dai”