OKEx new feature aims to stimulate Dai trading, while statistics show that Tether still controls the lion’s share of the stablecoin market.
Malta-based cryptocurrency exchange OKEx has added support for a new feature that allows users of stablecoin Dai (DAI) to earn interest by staking their holdings.
In a blog post on Dec. 17, OKEx confirmed users can now stake their Dai via its in-house mining pool, Pool. In return, they will earn 4% interest via the so-called Dai savings rate (DSR), along with an added incentive from OKEx itself.
OKEx lures Dai investors
The move makes the exchange the first major trading platform to integrate DSR, and the feature will go live on Dec. 23.
“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,” the blog post stated.
Maker, the entity behind Dai, launched the DSR scheme last month. Since then, holders have locked up around $16 million worth of DAI, corresponding to dividends of around $640,000.
Tether trades billions more per day
Nonetheless, in terms of overall volumes, Dai, along with all the other stablecoins on the market, pales in comparison to stalwart Tether (USDT).
According to data from analytics firm Messari, USDT trailing daily volume dwarfs its competitors — as of Dec. 3, the most recent date for which data is available, 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.
Eyeing its future potential, OKEx nonetheless remained upbeat. “With the OKEx integration, adoption of the Dai Savings Rate can accelerate in Asia, introducing millions more people to Dai,” the blog post continued.
As Cointelegraph reported, cryptocurrency payment gateway BitPay added support for three U.S. dollar stablecoins earlier this month, but conspicuously left out Tether.
