Huobi Exchange To Support MakerDAO Tokens (DAI) And Compound DApps On Their Wallets

Singapore-based crypto exchange Huobi has announced that they are adding support for MakerDAO tokens and decentralized apps (DApps) in its wallet.

Livio Weng, chief executive of Huobi says:

“We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public. Both Compound and MakerDAO share our vision and we’re happy to add support for them.”

Maker is the leading a smart contract platform on Ethereum that backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors. The Dai Stablecoin is a collateral-backed cryptocurrency whose value is stable relative to the US Dollar. Unlike other Stablecoins, Dai is completely decentralized. The Maker project is comprised of a decentralized stablecoin, collateral loans, and community governance.

On the other hand, Compound is an open-source autonomous protocol that supports financial applications.

Robert Leshner, founder, and chief executive of Compound, added:

“Decentralized, transparent applications are the future of finance, and will lead to a wealthier, more connected world. But so far, DApps have been difficult to access and use. Huobi Wallet is making decentralized finance more accessible, which has the potential to change society.”

Just last month, Huobi announced a partnership with layered blockchain network Nervos to develop a new public blockchain focused on decentralized financial (DeFi) services. The project, provisionally named Huobi Finance Chain, will be a regulator-friendly, high-performance financial blockchain that allows enterprises, financial institutions, and exchanges to deploy their own blockchains, tokenized assets, and DeFi services.