Binance adds DeFi Maker (MKR) token and DAI stablecoin

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Leading crypto exchange platform Binance has added DeFi MakerDAO (MKR) token and the decentralized DAI stablecoin.

Binance announced this on July 23 naming four trading pairs for Maker token namely MKR / BNB, MKR / BTC, MKR / BUSD and the pair MKR / USDT.

Likewise, the stablecoin DAI can be traded on 4 distinct pairs: DAI / BNB, DAI / BTC, DAI / BUSD and DAI / USDT.

The addition of two tokens by Binance occurs shortly after the listing of Coinbase. The US platform added MKR in June and DAI last May. Decentralized exchanges (DEX) such as Uniswap and Balancer also support both tokens.

Following the announcement of its listing on Binance, MKR rose from $493 to $600, an increase of nearly 22% in a few hours. The governance altcoin is trading at $507 at the time of this writing.

Craze for Decentralized Finance (DeFi)

The listing of Maker and DAI comes amid the craze for Decentralized Finance (DeFi). A Binance spokesperson said:

DeFi is a hot topic for the blockchain industry this year. We have received a lot of requests from our users.

Indeed, Decentralized Finance has reached the $3.4 billion mark injected into DeFi protocols. In recent weeks, Maker has finally caught up with its main competitor Compound (COMP). Thus, MKR has reached $710 million injected into its protocol.

The craze for “yield farming” is one of the main reasons for the growing interest in DeFi. This practice consists of juggling between decentralized finance platforms to obtain the best rate.