Binance announced a new listing today for Maker’s governing and primary cryptocurrencies, MKR and DAI.
Binance will offer limited trading pairs for the new tokens and will increase the options in the future. Only MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT pairs are available now.
Maker on Binance
The new listing marks a significant milestone for the Maker ecosystem, which users were demanding for a Binance listing for some time.
After all, the Binance listing has already had a positive impact on the MKR token. The governing token of Maker blockchain experienced an eight percent increase in price and is being traded at $490 at the time of writing. DAI, the primary token of Maker protocol that acts as the store of value for users, is a stablecoin. So, we didn’t expect a significant increase or decrease in the price of that coin.
Although a Binance listing always has a positive impact on cryptocurrencies because of the exchange’s significant user-base, the latest MKR or DAI additions could easily be attributed to the recent surge in usage of MKR and DAI in decentralized finance (DeFi).
MakerDAO decided to rebrand its DAI token last year. It introduced a new multi-collateral stablecoin that is focused on improving the usability and reach of the platform. It also recently added BNT as collateral for DAI.
MKR and DAI Explainer
MKR is the governance token in the MakerDAO protocol. It means the token holders can act as decision-makers in the platform. MKR holders are responsible for voting on multiple aspects of the platform and DAI stablecoin details like choosing new collaterals or general improvement of the protocol.
DAI, on the other hand, is the primary token for multiple use-cases in the Maker protocol like lending, payments, and value storing. This 1:1 US Dollar pegged cryptocurrency has various use-cases in lending platforms. Othe renown exchanges like OKEx have shown their support for DAI holders that put this stablecoin on the path to more growth.