Stablecoin DAI Hits $1B Market Capitalization

November 12, 2020

Italian Banks

Stablecoin DAI Hits $1B Market Capitalization

As per the CoinGecko, the stablecoin DAI hit $1 billion market capitalization on Wednesday. The MakerDAO Foundation confirmed, supply recently hiked by $30M at single level, though it did not share any additional details. The smart contracts enforce a worth of $1 per DAI which supports the stablecoin by majorly maintaining a $1 peg, though it changes from time to time. 


Almost 33% of the total supply is in the DAI Savings Rate (DSR) smart contract, regardless of the way that it right now offers no return. Most dai, more than 620 million, are right now in the ERC-20 shrewd agreement, as visible on Etherscan. 


DAI is developed by ETH clients deposits one of several assets into the Maker protocol and borrow against that resource in the version of DAI. On Compound, there’s $1.6 billion in DAI secured at this moment. As we’ve recently noticed, this is clients store, acquire, and store once more, in circles. 


While most DAI that is utilized on the planet appears as an ERC-20 token, not every last bit of it does, and that is by the plan. DAI doesn’t go into the ERC-20 smart contract until clients withdraw it from MakerDAO, and later on, clients could do as such in other symbolic norms, if better ones emerge, Nik Kunkel, an engineer at the Maker Foundation, clarified. 


Maker as of now has $2.3 billion in resources bolted by DeFi Pulse, making it the second greatest DeFi application on Ethereum, after Uniswap.


All of the necessary information about the MakerDAO system can be monitored at the Dai Stats website. The total supply is nearly 993M DAI, at the time of writing. It is worth mentioning that it was only February when the whole decentralized finance market initially surpassed $1B in total value locked.


Image Courtesy : Pixabay

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