DSR integrated into Jelly
You can now swap BTC for DAI and deposit it directly into the Dai Savings Rate from our app!
On March 12 we are launching a new feature in our app — the integration of DSR. All the Jelly users will be able to swap their BTC or ETH to DAI and deposit them directly into the DSR to start earning profit instantly.
What is DSR?
DSR stays for Dai Savings Rate by MakerDAO. The Dai Savings Rate is an interest rate that is applied to deposits of the stable coin DAI. In other words, all the DAI holders are able to receive interest by depositing their DAI in a particular smart contract.
DSR is a great way to earn passive income in DeFi. It gives you the chance to accumulate value in a decentralized and non-custodial manner. It is absolutely autonomous since the interest is funded and paid using smart contacts with no reliance on a trusted third party.
If you wonder who determines the interest rates — they are governed by MakerDAO. All its participants decide the rate by a MakerDAO vote. The interest is then paid from the funds generated by the Stability Fee.
Read more here: https://makerdao.com/en/whitepaper/#the-dai-savings-rate
Why Jelly integrates DSR?
Our aim at Jelly is to ease your crypto experience and help you get the best out of the DeFi world. To do this, we first need to bridge all the different chains and coins to the DeFi ecosystem. The Ethereum network is currently the base of the DeFi economy. Controversially, BTC stands out as the most popular coin amongst all. Instead of keeping the cryptocurrency tech stack fragmented into separately working blockchains, we can search for a way to make them all cooperate.
Cross-chain swaps were the first step we undertook. The result — you can now swap BTC<>DAI forth and back without second thoughts on their different blockchain specifics. Our next step is to bridge BTC to different kinds of DeFi services like DSR. Let’s say you are a BTC holder and you want to start earning some passive income on your holdings. But such value accumulation services like DSR are available in DeFi which runs on top of Ethereum.
By using Jelly you can convert the desired amount of BTC directly into DAI in one single cross-chain swap. The biggest benefit — it is decentralized and simple — we do not keep custody of your assets and do not ask for registrations. With one more click on the DSR button in our app you will deposit them in the DSR smart contract and start accumulating interest on your DAI holdings. You can convert them back to BTC with a single DAI-BTC swap at any time.
We launch on the 12th of March. Prepare your BTC — it is time to start earning a profit on it!
If you want to learn more about us:
Website: https://jelly.market/
Discord: https://discord.gg/3fCbp9U
Telegram: https://t.me/jellyswap
Twitter: https://twitter.com/jelly_swap
Facebook: https://www.facebook.com/groups/823260878071807/
