Crypto News- OKX Incorporates DAI Stablecoin, the globally renowned cryptocurrency exchange and trailblazing Web3 company, has expanded its On-Chain Earn offering by seamlessly incorporating the DAI stablecoin. This strategic move is geared towards empowering users with lucrative avenues to earn rewards through Proof-of-Stake (PoS) staking and decentralized finance (DeFi) protocols, all while circumventing the often cumbersome gas fees associated with these activities.
OKX Incorporates DAI Stablecoin, Enriching On-Chain Earning Offerings
By embracing the DAI stablecoin, OKX users can now immerse themselves in on-chain earning pursuits by staking as little as 1 DAI, benefiting from daily interest accrual. The platform touts an impressive annual appreciation rate (APR) of approximately 5%. Users can redeem both their DAI holdings and the accrued interest at their convenience, with the redeemed funds promptly funneled into their Funding account.
DAI, a stablecoin rooted in the Ethereum blockchain, receives meticulous oversight and governance from MakerDAO, a prominent decentralized autonomous organization within the cryptocurrency realm. OKX’s integration of DAI unlocks fresh possibilities for users to participate in PoS staking and DeFi protocols using this widely recognized stablecoin.
Crucially, OKX’s On-Chain Earn products are built upon a sturdy and secure infrastructure. Users can engage without fretting about service fees or commissions for PoS staking or DeFi protocols. To enhance asset protection, OKX exclusively partners with verified third-party projects, upholding the highest standards of security and reliability.
The DAI stablecoin boasts a unique design, functioning as a decentralized, impartial, collateral-backed cryptocurrency with a soft peg to the United States Dollar. DAI enjoys placement in cryptocurrency wallets and across various platforms, gaining support not only on Ethereum but also on other major blockchains. DAI’s accessibility is one of its standout features. Users can generate DAI by depositing collateral assets into Maker Vaults within the Maker Protocol.
This mechanism infuses DAI into circulation and provides users with liquidity. Alternatively, individuals can acquire DAI by purchasing it from brokers or exchanges, or by simply receiving it as payment. Once obtained, DAI operates much like any other cryptocurrency. It can be sent to others, used for transactions in exchange for goods and services, or saved through a feature known as the Dai Savings Rate (DSR), an integral component of the Maker Protocol.
As a leading global cryptocurrency exchange and trailblazing Web3 innovator, OKX serves a vast user base exceeding 50 million worldwide. Renowned for its speed and reliability, OKX provides traders with a state-of-the-art platform for cryptocurrency trading. Notably, OKX has solidified partnerships with prominent entities such as English Premier League champions, Manchester City FC, McLaren Formula 1, Olympian Scotty James, and Formula 1 driver Daniel Ricciardo.
In an ever-evolving and expanding cryptocurrency landscape, OKX’s strategic integration of DAI into its On-Chain Earn offering underscores the exchange’s commitment to furnishing its global user base with innovative and accessible means of interacting with digital assets and decentralized finance. As the exchange continues to adapt to emerging trends, users can anticipate a wealth of exciting developments on the horizon.
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