By Sharon Lewis
Singapore-based digital currency exchange BiKi.com has listed decentralized stablecoin Dai on its exchange platform, according to a statement released by BiKi.com this week. Dai is soft-pegged to US$1, and is reportedly the second largest stablecoin by overall collateral value.
A stablecoin is a user-generated collateral-backed cryptocurrency. Derived from the Chinese character 貸 (meaning to lend or provide capital for a loan), the current Dai system was launched in 2019, following a reboot of its predecessor Sai. Users can generate Dai by depositing collateral assets on the decentralized finance application Maker Protocol, purchase it from exchanges, or receive it as payment.
Ethan Ng, CEO of BiKi.com Southeast Asia said, “BiKi is pleased to have many of the top 100 coins listed with us over the last month, and now DAI has joined too. We are honored that such a popular project has placed their trust in us to provide exceptional listing services as we stay true to our promise of helping projects grow in top crypto markets like China, South Korea and Vietnam, through continuous branding exposure.”
The statement further said that along with trading Dai on the BiKi exchange, users can also earn savings by locking the stablecoin in a Dai Savings Rate (DSR) smart contract basis for a fee. The DSR contract offers a variable rate of accrual on the locked Dai, and users can freely enter or exit the contract with no withdrawal, deposit or liquidity constraints, the statement added.
“The inherent efficiency of the Maker Protocol and, by extension, the DeFi (decentralized finance) ecosystem, are what allow the DSR to provide great savings opportunities for people everywhere,” said Rune Christensen, CEO of MakerDAO, the decentralized autonomous organization behind Dai and the Maker Protocol. Maker’s decentralized community of token holders govern the Maker Protocol.
He also said, “The most amazing aspects of the DSR are that it has no counterparty credit risks and it can be implemented on the backend of any DeFi product that uses Dai.”
MakerDAO is the latest on a list of organizations, such as Dash, Electroneum and Matic, that were listed on BiKi.com in the past month.
Since its official debut in 2018, BiKi.com has registered more than two million users, of which 200,000 are daily active users. Over 150 cryptocurrencies and 280 trading pairs can be traded on the exchange. A month after raising an undisclosed amount in its Series A round from AlphaCoin Fund and Viking Capital, the trading platform announced in December 2019 that it would be entering the Latin America and United Arab Emirates cryptomarkets.