Binance Lists Maker’s MKR And DAI

Sahana Kiran
July 23, 2020 Updated July 25, 2022
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Malta-based cryptocurrency exchange, Binance announced the listing of Maker’s MKR as well as DAI. DeFi prolongs its uphill journey after stacking 3.37 billion USD. 

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DeFi Tokens Are Stealing The Show

Decentralized Finance [DeFi] has been consistent in making it to the headlines. Crypto industry’s most decentralized wing, DeFi was recently praised for stacking over 3 billion USD. While the crypto-verse lauded DeFi’s lending protocol, Compound Finance for spurring up the popularity of the space, Maker was done taking the backseat on this one. After almost a month of lounging below Compound, Maker took over its position as the face of DeFi.

Maker finally made it back on top and locked about 706.6 million USD in DeFi, during the time of writing. The Maker token, MKR has also been outperforming several altcoins, in terms of price as well as price change. At the time of writing, MKR was trading at 524.54 USD with a 7.8 percent increase over the last 24-hours. Maker’s price movement did catch the eye of many which further led to the token landing support from the prominent cryptocurrency exchange, Binance.

Just today, the Malta-based cryptocurrency exchange announced that it would list MKR as well as stablecoin Dai [DAI]. Binance took to Twitter to announce the same. The tweet read,

Source – Twitter | Binance

The exchange’s blog post further revealed that it has extended support to both these coins and would commence trading for the trading pairs, MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT. Users would be able to begin trading these assets post 2:00 PM [UTC] from 23 July 2020.

While pointing out that the world’s biggest cryptocurrency exchange was late to the DeFi party, the crypto community noted that the big shift towards DeFi was finally underway. Binance evidently seems to be following the “better late than never” motto as the exchange extended support to several other DeFi tokens over the month. At the beginning of the month, Binance listed Synthetix [SNX], a token that witnessed a 230 percent increase in just one month. Compound’s governance token, COMP was an obvious choice considering the initial price movement of the token.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.