April 25, 2024

Binance adds support for DeFi Maker (MKR) and DAI

Binance Adds Support for DeFi Maker (MKR) and DAI

The largest crypto platform Binance has announced support for MakerDAO (MKR) tokens and DAI decentralized stablecoin.

The exchange supports eight trading pairs for tokens – MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT.

The platform's listing has been replenished amid the boom in decentralized finance (DeFi).Binance noted in an official statement that "DeFi is a hot topic for the blockchain industry this year" and the exchange is gettingA lot of requests from users to add coins. 

Indeed, the DeFi market has grown from $ 700 millionup to $ 2 billion from December 2019. The widespread use of decentralized finance (DeFi) has led to thousands of stuck Ethereum transactions as the main currency of DeFi applications.

Trading volumes on non-custodial DEX exchanges also surged 38% last week to over $ 1 billion.

Binance is somewhat late in updating its listing. Coinbase added support for MKR in June and DAI a month earlier. Both coins are listed on Bitfinex, OKEx and DEX such as Balancer and Uniswap.

The stablecurrency-pegged U.S. dollar-pegged DAI has seen an increase in supply of more than 40 million since July 17, likely again due to strong demand for it in the DeFi ecosystem.Maker (MKR) is up more than 22% since the listing announcement. 

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