Introducing MakerDAO and Dai to The Ocean Ecosystem
Blockchain is the foundational architecture for a decentralized world. As the ecosystem evolves and grows, it’s clear that “trusted” intermediaries only introduce unnecessary friction and uncertainty. Centralized exchanges are currently the de facto method of moving digitized value, but they mirror the same inefficiencies of the traditional financial system. They introduce cost, time, and risk to the flow of value. To create a truly trustless world, we created The Ocean to bring non-custodial trading to all types of financial value.
As an essential piece of this future, we recognize the need for blockchain-native stablecoins to reduce volatility, speculation, and reliance on intermediary structures. That’s why we’re very excited to announce that we’re working with the MakerDAO team to bring MKR and DAI to The Ocean.
To start, our users will be able to trade ERC20 tokens against DAI, a stablecoin pegged to one U.S. dollar. Then, over the course of the year, we’ll be collaborating across teams to increase accessibility to collateralizing tokens into DAI.
Dai lives completely on the blockchain, its stability is unmediated by any locality, and its solvency is not reliant on any trusted counterparty. Furthermore, all Dai is backed by collateral that is escrowed into publicly viewable smart contracts on the Ethereum blockchain. This makes it suitable for a wide range of financial activities — from hedging and lending to payments and money transfers in places where the traditional banking system falls short.
“Stablecoins are critically important to accelerate global cryptocurrency adoption, and Dai’s transparent collateral model has proven stable even during periods of downturn,” said Rune Christensen, co-founder and CEO of MakerDAO.
“The Ocean’s approach, combined with non-custodial execution, creates a powerful draw to bring more individuals and institutions into the cryptocurrency ecosystem — moving us closer a truly decentralized financial future.”
You can read more about MakerDao and Dai on their blog. To collateralize Ethereum into DAI, please visit Maker’s Dai dashboard.
__________________________
Don’t forget to sign up and join our Telegram for launch in a week!
