Recap: Maker Telegram AMA with Alina Yao of OKEx

December 23, 2019

On the heels of the Maker Foundation’s announcement of its partnership with China-based OKEx marketplace, the Foundation invited OKEx to an AMA on Telegram, so the Maker community could learn more about them and how, starting today, users of the OKEx marketplace can directly deposit Dai on the platform and stake it in the Dai Savings Rate (DSR) to earn the savings rate plus an additional reward.

On December 22, Alina Yao, VP of Business Development at OKEx and Head of OKEx Pool, answered 10 questions from Maker’s Telegram audience. What follows is a verbatim transcript of the AMA:

  1. How does an exchange like OKEx leverage the DSR? @bonowskiz 

Firstly, OKEx is the first major platform to integrate Maker’s Dai Savings Rate. Secondly, Users of the OKEx will be able to directly deposit Dai and stake it in the DSR to earn the savings rate plus an additional reward that is exclusive to OKEx—all without leaving the OKEx platform.

What’s more, in order to give back to our users, OKEx pool will regularly organize welfare events for users who stake DAI in OKEx pool. For instance, enrollees who stake DAI in OKEx and fulfill the requirements for both promotions can enjoy a special 40% annualized yield at OKEx Pool for 7 days from Dec 23 to Dec 30.

  1. Hello, I am a Chinese Okex user and just curious will okex support create open a vault in the future. This will help users like me buy eth at okex and deposit it without transferring to metamask. (@twfyhr) 

Thanks for your suggestion, OKEx will absolutely consider. you can follow our announcement in the near future. We now support the DSR , and you can lock Dai to earn normal interest plus additional reward through OKEx Pool. 

  1. The two biggest dilemma in crypto is Liquidity issue and volatility issue. What steps OKEX is taking to tackle these two dilemma? (@kimberkerlee)

As we know, Liquidity and volatility are important indicators for measuring a trading market. Liquidity is the vitality of a trading market. At the same time, volatility is  of significance of a trading market. And I don't think liquidity and volatility are in a dilemma. On the contrary, sufficient liquidity can prevent excessive fluctuations to a certain extent. Only then can the market function effectively. In addition, we know that digital currency market is a global market with high volatility. OKEx will provide users with sufficient liquidity and transaction depth to continuously optimize the user experience.

  1. OKEx is growing amazingly and until now has million users, what is the strategy used by OKEx to achieve all of that? can you share with us ? Q2. With so many users registered on the OKEx, how many daily active users trade on the OKEx?  (@ma_selff)

All of them are inseparable from users. The purpose of OKEx is to give priority to the interests of users. Since its establishment, OKEx has invested a lot of manpower and material resources in security. For this reason, OKEx has sufficient accumulation and sedimentation in terms of security. The risk control system has been continuously upgraded and consolidated to provide all-round protection for user funds. OKEx is also continuously deepening its transaction depth, improving trading liquidity and trading efficiency. We value users, and provide users with high-quality services by continuously improving user trust.

  1. What killer feature makes you choose @OKEx over others? (@nisith)

Users of OKEx are able to directly deposit Dai and stake it in the DSR to earn the savings rate 4% plus an additional reward 1% that is exclusive to OKEx—all without leaving the OKEx platform.

In addition, depositing Dai into DSR contract via Oasis Save has technical threshold for many people, but through OKExPool, users can realize one-click operation, and we can also integrate trading and staking which is more convenience for users.

  1. With Pool DAI, are there any limitations for interest payments and payments? (@NguyenQ32225128) 

As long as you have OKEx account, you can stake Dai in OKEx Pool to earn the saving rate plus additional reward. There is no limitation, we will settle the interest everyday. And we support deposit and withdrawal at anytime.

  1. It's heard that next phase of blockchain adoption will be coming from the Defi space.What is your views on this and importance of stable coins like DAI in future Defi Space? (@cryptonyan1)

Defi is still a small-scale exploration in blockchain applications, but everything is possible. Efficient capital allocation requires competition, and the market size of Defi continues to grow. We believe that CeFi and Defi will coexist for a long time in the future.

  1. Could you please explain the relationship between DAI and USDK. Like friends or competitors? I feel it kinda gets weird like OKEx is supporting another stablecoin rather than its exisiting one. Or OKEx plans to take DAI as its own stablecoin? (@aries_kkk)

As we know, USDK is an ERC-20 stablecoin. Every USDK is backed by 1 USD from the Prime Trust Special Account. And Dai is the world’s first decentralized stablecoin on the Ethereum blockchain, maintaining a soft peg to the US Dollar. It's a digital currency that can be used by anyone, anywhere, anytime.

With the launch of Multi-Collateral Dai (MCD), Dai is not just a stablecoin. It may extend to the DeFi. Dai is unlocking the power of the blockchain to deliver on economic empowerment. OKEx will support every project with a community consensus.

  1. How big is your addressable market and how high it can reach in the future and what are your plans to grow your addressable market? (@davidsrizna)

OKEx is the world's leading digital asset exchange and a leader in the blockchain industry. We have branches or offices in more than 10 countries and regions. While improving the trading ecosystem, OKEx is also carrying out a global strategic layout to expand its influence. This deep cooperation with MakerDao will also help OKEx expand overseas markets, especially the US market.

  1. What prospects of MakerDAO are you most excited about? (@SavaBey)

For MakerDAO, at first it was a decentralized stablecoin, but slowly, MakerDAO brought us some surprises. Now users can earn an attractive return by securing their Dai. What’s more, with the launch of Multi-Collateral Dai (MCD), MakerDAO is more like decentralized credit facility. 

After ama, we will prepare a quiz with a reward of 5 DAI to your OKEx funding account. Please follow our Twitter (@OKEx, @AlinaYao4ever or @MakerDAO) for more details. Thank you very much.

Join the Conversation

The Dai Savings Rate is a powerful new tool for individuals, entrepreneurs, traders, partners, and, of course, developers. To learn more about the DSR and MakerDAO, and to become part of the community, join the conversations on Telegram, Twitter, Reddit, and the Maker Forum.

December 23, 2019