CES 2020: MakerDAO Shines with Decentralized Finance

UTC by Tolu Ajiboye · 3 min read
CES 2020: MakerDAO Shines with Decentralized Finance
Photo: Duncan Rawlinson / Flickr

MakerDAO is taking part in CES 2020 in Las Vegas to push decentralized finance (DeFi) to as many people as possible.

MakerDAO is standing out at the Consumer Electronics Show – CES 2020. This is because MakerDAO is the only digital asset with a stand at the event’s “digital money” section. The move shows that the company is doing everything it can to push adoption for the crypto. The digital money section, however, has other projects represented. They include digital wallets, one Bitcoin ATM firm and also a security firm. This made it a lot easy to stand out.

MakerDAO Beams at CES 2020

The project’s position at the digital money section will definitely help being noticed, even though the solitude was probably unplanned. The company is taking advantage of this, to push decentralized finance (DeFi) to as many people as possible. Speaking to CoinDesk about its decision to participate at CES 2020, MakerDAO Foundation Head of Business Development Gregory DiPrisco said:

“It’s about opening doors to companies that otherwise we’d have to put a lot of effort into accessing. Obviously, everybody is here.”

MakerDAO to Open Doors

DiPrisco also added a few comments about MakerDAO Foundation’s efforts to reach out to the larger community. The exec said the company’s aim at the event is also to spread the word about the DAI Savings Rate (DSR).

According to an official MakerDAO blog post, the DSR is a pretty new feature. In simple terms, it allows Dai holders the opportunity for earnings by locking assets into the DSR contracts. Apart from individuals, DSR is also directed at investors, startups and other businesses. The aim is to buff up their DAI holdings.

DiPrisco also mentioned that he is already pitching to a new bank on the come-up. According to him, the DSR could help a startup like that with earnings. This means that the bank, and any other interested financial institutions, can do better with their rates on customer deposits.

Specific Usefulness

Pitching decentralized finance to people who aren’t very familiar with it might sometimes be difficult. But according to MakerDAO Foundation Chief Operating Officer (COO), Steve Becker, people are already displeased. Becker says that people tell him they have no trust in regular banks but their hands are tied. In response, he defends DeFi and explains why it’s a whole lot better. He noted:

“’You have sovereignty over your own money, what do you think about that?’ It takes a while to think about it and ask, ‘What does that really mean to me?’ It means that if your bank fails, your money still stays pretty safe.”

MakerDAO is also advertising its usefulness as an easy payment channel. Together with Pundi X, MakerDAO offers a payment card useful for offline payments. This means that users can pay retailers using their DAI, without worrying about first changing to fiat. DiPrisco says this is already in use in certain developing countries.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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