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.
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 is back on top and currently locks about 706.6 million USD in DeFi. 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,
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.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com