Binance lists Maker and Dai tokens amid DeFi boom

Exchanges • July 23, 2020, 8:05AM EDT

UPDATED: May 28, 2021, 12:14PM EDT

Crypto exchange Binance is today listing MakerDAO's governance token Maker (MKR) and decentralized stablecoin DAI.

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

The listings come amid the decentralized finance (DeFi) boom. "DeFi is a hot topic for the blockchain industry this year. We received a lot of requests from our users [for the listings]," a Binance spokesperson told The Block.

Indeed, the DeFi market hit the $2 billion mark in total value locked for the first time earlier this month. The "yield farming" craze is one of the main reasons behind the rising interest, i.e., more people are trying to grab the highest possible yield from various DeFi products and protocols.

Decentralized exchange (DEX) trading volumes also surpassed the $1 billion mark last month.

Binance's listings come soon after similar action by Coinbase. The latter listed MKR in June and DAI in May. Other exchanges that support the two tokens include OKEx and Bitfinex, as well as DEX protocols such as Uniswap and Balancer.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.