Garantex launches DAI trading against the ruble

Garantex has opened trading of the decentralized stablecoin DAI in a ruble pair.

The exchange said this would make it easier for Russian users to access the DeFi market.

“Interest among Russian users in decentralized finance is growing, but the need to conduct numerous exchange transactions acts as a barrier to entering this market. Transaction costs eat into part of the proceeds,” said Tatiana Maksimenko, a spokesperson for Garantex.

To mint DAI tokens, you must lock ETH or several approved altcoins into the MakerDAO protocol as collateral.

Using a specialized algorithm built on smart contracts, the DAI price is kept at $1.

“Unlike the USDT stablecoin, the DAI token is decentralised and not subject to censorship risks,” added Garantex.

According to DeFiPulse, by the end of September 2020 funds locked in the MakerDAO protocol amounted to almost $2 billion, with aggregate value above $11 billion.

In June, Garantex added support for the Ukrainian hryvnia to purchase Bitcoin and USDT.

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