It’s been an interesting week for cryptocurrencies, with the market going down a bit from its high last week. Things look stable. Stablecoins, of course, remain stable regardless, more or less.
And I’m not talking about Tether, oh God no. I’m talking about DAI and its associated governance token MKR. It has had an interesting week of developments that proves that it’s really gaining some traction in the wider world.
1. DAI and MKR Namedropped in Wall Street Journal
In probably the biggest news of the week, the DAI and MKR tokens got a special mention in hugely popular publication the Wall Street Journal. The article focused on the importance of stablecoin in the cryptocurrency world, and speaks of it as a bridge between markets.
It highlights the fact that the MakerDAO ecosystem is governed by the users and how the ecosystem permits lending. The dual token system is definitely MakerDAO’s standout characteristic.
2. Earn DAI through Coinbase Earn
DAI also got listed on the Coinbase Earn program this week. Coinbase Earn lets users earn money for learning about cryptocurrencies. Other tokens have already been listed, like Stellar, BAT, 0x and Zcash. DAI is the first stablecoin to become a part of the Coinbase Earn program. I think you can earn about $6 in DAI through the program.
This is a decent step towards awareness for the token ecosystem. People learn about the token and earn DAI for learning about it. It’s a win win for everybody.
3. DAI Listed on Bittrex
In a good development as far as liquidity and adoption is concerned, the Bittrex International exchange also recently listed the DAI token. Bittrex International is for customers outside the US. The markets for which the token will be available are BTC, ETH and USDT.
4. US Bitcoin ATM Operator to Add DAI
Reports are also coming out that a Texas based bitcoin ATM operator called Coinsource will add DAI to its ATM service. According to these reports, the ATM operator wishes to add a fully functional remittance service and the DAI addition is in preparation for that.
This is a very interesting development for DAI that I think is more significant than the other developments that have occurred. Being able to send crypto for remittance is one of its most talked use cases, and if Coinsource can make this work well, then it’s a good time in the spotlight for DAI.
DAI has had a pretty good week and I really think it’s going to top other stablecoins in the near future. Like the WSJ report says, stablecoins are going to become a major part of the crypto ecosystem and people are going to look to it for beating volatility.