MakerDAO DAI Stablecoin Supply Rises by Nearly $1B in Seven Days

2023-8-13 15:14

The market cap of MakerDAO decentralized stablecoin DAI has increased by almost $1 billion in the last seven days after the DeFi protocol introduced an increased interest rate to attract more users.

According to CoinMarketCap data, DAI’s market cap increased to $5.33 billion from the $4.45 billion recorded on Aug. 6.

Growth Driven by Enhanced DSR

On Aug. 6, MakerDAO founder Rune Christensen revealed that DAI’s interest rate increased to 8% to attract more holders to use the DSR mechanism at no extra risk.

The incentive immediately impacted the number of the decentralized stablecoins in the DSR contract, rising to 1.27 billion from 339.4 million recorded on Aug. 6, according to the Makerburn dashboard.

DAI in DSR Contract. Source: Makerburn

The growth is more pronounced considering the high yield rate is unavailable to U.S. residents and virtual private networks (VPN) users.

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MKR’s Value Rise

Meanwhile, DAI’s increased adoption did not positively impact MakerDao’s MKR governance token. According to BeInCrypto’s data, the digital asset slightly declined by 1.24% over the past week to $1,228.

Maker MKR Price in USD. Source: BeInCrypto

However, it is one of the best-performing cryptocurrencies over the past month, rising by nearly 40%. This is far ahead of Bitcoin and Ethereum price performance which have been muted due to the current market conditions.

Blockchain analytical firm IntoTheBlock noted that MKR “has stood out in the current market” as it has seen strong buying activity from large MKR holders. The firm further said its price has doubled in the past three months.

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Competition Heats Up in Stablecoin Market Despite Declining Supply

Giant technological firm PayPal introduced the PYUSD stablecoin earlier in the week, increasing competition in an already saturated market.

Dominant stablecoin issuers, Tether and Circle, welcomed competition from the tech giant, hoping the move would further bolster the global adoption of stablecoins.

Stablecoins Total Market Cap. Source: DeFillama

Meanwhile, available data shows that the stablecoins market capitalization has declined rapidly. Last month, BeInCrypto reported that the total market cap of stablecoins fell to the lowest level seen since August 2021.

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The post MakerDAO DAI Stablecoin Supply Rises by Nearly $1B in Seven Days appeared first on BeInCrypto.

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Источник: beincrypto.com

makerdao supply → Результатов: 38

How MakerDAO's strategies have galvanized demand for DAI, MKR

Over the last two months, MKR supply sent to exchanges has steadily pushed higher DAI's circulating supply registered the highest growth since March's banking crisis MakerDAO [MKR], popularlThe post How MakerDAO's strategies have galvanized demand for DAI, MKR appeared first on AMBCrypto.

2023-8-14 19:30	Stablecoins
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MakerDAO's DAI supply surges but on-chain activity tells a different tale

The DAI stablecoin witnessed a significant surge in marketcap. MakerDAO’s MKR wasn't seen to be influenced by surging DAI demand. The DAI stablecoin recently experienced a massive surge The post MakerDAO's DAI supply surges but on-chain activity tells a different tale appeared first on AMBCrypto.

2023-8-12 09:30	Stablecoins
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MakerDAO DAI supply gains $200M as interest rate surges to 8%

MakerDAO DAI‘s stablecoin supply increased by $200 million after its interest rate increased by 8% for holders depositing into the protocol. On Aug. 6, MakerDAO’s founder Rune Christensen revealed that Dai Savings Rate (DSR) was paying the high yield rate for the stablecoin holders “at no additional risk.

2023-8-7 18:30	MakerDAO
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Lido maintains its top spot in DeFi as MakerDAO dawdles

Within six months, Lido's TVL has doubled that of MakerDao. DAI's supply has trended downwards since the temporary depeg in March. According to data from DefiLlama, Lido [LDO] currently holdThe post Lido maintains its top spot in DeFi as MakerDAO dawdles appeared first on AMBCrypto.

2023-7-2 12:30	DeFi
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MakerDAO Weighs Ditching $390M of Gemini Dollars from DAI Reserve

The result could have a significant impact on Gemini and its stablecoin as MakerDAO’s reserve holds roughly 88% of total GUSD supply.

2023-6-15 20:03	governance
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MakerDAO votes to drop Pax Dollar (USDP) stablecoin from its reserves

The MakerDAO community has voted to ditch Pax Dollar (USDP) stablecoin worth $500 million from its reserves. Maker’s treasury holds roughly half of the USDP’s $1 billion supply. New York state regulators in February forced Paxos to halt minting Binance USD (BUSD) stablecoin.

2023-6-2 21:34	StableCoin
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MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets

The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.

2023-6-2 19:16	StableCoin
makerdao paxos currently blow supply holds roughly

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As MakerDAO aims for incognito mode, MKR reacts by...

MakerDAO's latest proposal aims to allow anonymous representation of delegates. There was no even distribution of MKR supply across addresses. DeFi protocol MakerDAO [MKR] has begun voting oThe post As MakerDAO aims for incognito mode, MKR reacts by... appeared first on AMBCrypto.

2023-5-21 13:30	News
makerdao mkr aims reacts incognito mode begun

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Will MakerDAO's new changes instill confidence in DAI? Examining...

MakerDAO has a new proposal to introduce changes to its PSM operations. DAI's supply has dwindled since USDC's de-pegging, due to a lack of demand. Leading decentralized finance protocol, The post Will MakerDAO's new changes instill confidence in DAI? Examining... appeared first on AMBCrypto.

2023-3-22 16:30	News
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DAI supply has fallen by 13% this week

In the past week, MakerDAO has experienced a drop in total value locked (TVL), the supply of DAI, and annualized fee income, signaling some potential trouble for one of the world’s largest stablecoin issuers.

2023-3-21 01:03	Stablecoins
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DAI-stressed MakerDAO struggles as users look toward other stablecoins

MakerDAO has seen a decline in TVL, DAI's supply, and annualized fee income in the last week. MKR shed 25% of its value during the same period. While its DAI stablecoin regained its parityThe post DAI-stressed MakerDAO struggles as users look toward other stablecoins appeared first on AMBCrypto.

2023-3-20 18:30	News
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MakerDAO: Whales extend solidarity as MKR braces for key battle on this front

The MKR supply held by top addresses increased over the past week. DAI's borrowing volume failed to show appreciable growth in the past few months. According to data from Santiment, MakerDAOThe post MakerDAO: Whales extend solidarity as MKR braces for key battle on this front appeared first on AMBCrypto.

2023-2-26 00:30	DeFi
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MakerDAO: What this "Optimistic" proposal may mean for MKR and DAI

MakerDAO has offered to integrate the Optimism chain on its network subject to community approval Its stablecoin, DAI, has remained top of supply on the protocol, and could also be impactedThe post MakerDAO: What this "Optimistic" proposal may mean for MKR and DAI appeared first on AMBCrypto.

2022-11-27 06:30	News
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MakerDAO reduces exposure to Celsius, disables Aave DAI supply

In a move to reduce exposure to the embattled Celsius Network, MakerDAO has voted… The post MakerDAO reduces exposure to Celsius, disables Aave DAI supply appeared first on CoinJournal.

2022-6-17 15:52	Maker
celsius makerdao exposure supply dai reduces disables

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Stablecoin Supply Decreases for First Time in History

Stablecoin redemptions have reached a historic high, with more than $10 billion redeemed across major issuers and about $3 billion retired from MakerDAO. Supply Shrinks By At Least $13 billion...

2022-6-16 23:19	ust
billion stablecoin supply issuers across redeemed major

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Stablecoin Supply Decreases Over Quarter for First Time in History

Stablecoin redemptions have reached a historic high, with more than $10 billion redeemed across major issuers and about $3 billion retired from MakerDAO. Supply Shrinks By At Least $13 billion...

2022-6-16 23:19	ust
billion supply stablecoin issuers major redeemed across

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MakerDAO (MKR) hits a new milestone — DAI’s total supply increases by 46 times

MakerDAO (MKR/USD) is one of the oldest DeFi projects that has been around for years now. However, it has never seen as much growth as it did in the past year, during the DeFi sector’s explosion that started in 2020, and is still going at full strength.

2021-8-8 14:22	MakerDAO
defi makerdao mkr past growth seen much

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Privacy Protection: The Future of DeFi

On April 22, MakerDAO, known as the DeFi world’s ‘central bank’, in partnership with the financial supply chain project Centrifuge, completed the first real-world asset loan in DeFi (decentralized finance).

2021-5-27 13:10	Company News
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MakerDAO’s Dai supply just reached a new milestone

MakerDAO’s Dai, an Ethereum-based decentralized stablecoin, has just become the third-largest stablecoin by market cap, bested only by USD Coin (USDC) in the second spot, and Tether (USDT) itself.

2020-11-14 12:23	MakerDAO
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MakerDAO’s Dai Stablecoin Supply Hits $1 Billion for the First Time

2020-11-14 01:41	dai
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TRON network reached a supply of 3,000 Wrapped Bitcoin

Back in early September, TRON founder and CEO, Justin Sun, revealed that Bitcoin will soon arrive at the TRON ecosystem in the form of Wrapped Bitcoin, similar to what MakerDAO did on Ethereum. As many now know, this happened less than a month later, on October 1st, 2020.

2020-10-12 10:01	Tron
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Compound-Issued DAI Just Eclipsed Actual DAI, Courtesy an Infinite Issuance Loophole

There’s now more DAI, the MakerDAO stablecoin, issued on DeFi project Compound than DAI’s actual circulating supply, CoinDesk reported June 3. DAI on Compound > Actual DAI DeFi – the shiny new sub-sector of crypto that promises ultimate decentralization and returns for early adopters – is facing a strange conundrum.

2020-7-3 15:00
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MakerDAO’s DAI Stablecoin Hits $100 Million Debt Cap as New Multi-Collateral Dai (MCD) Set to Release

DAI stablecoin, a non-collateral backed stablecoin that plays an instrumental role in keeping the De-Fi ecosystem moving has touched the 100 million debt cap, which means a total of 100 million DAI token have been minted until now.

2019-11-7 21:51	dai
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SwanDAI: Hedging Against the Inherent Risks of DAI

Ethereum bears have consistently called DAI an unreliable stablecoin, as the peg is dependent on supply and demand stemming from Collateralized Debt Positions (CDPs) on MakerDAO. Similarly, those leveraging DAI to stack 10-14 percent of interest a year might be worried about the DAI peg collapsing.

2019-9-11 21:00	ethereum
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DAI Stablecoin’s Stability Fee Nears 20% After Latest MakerDAO Vote

The MakerDAO lending platform will be increasing fees by 3 percent in an effort to retract stablecoin DAI supply and push token prices up to dollar valuation.

2019-5-3 00:17	dai
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Two Percent Of All Ether Now Locked In Maker Contracts

The amount of Ether (ETH) stored in Maker contracts has reached unprecedented levels, with nearly 2% of the entire ETH supply now locked into the ecosystem. Rising demand for DAI stablecoins has seen MakerDAO’s collateral quintuple in the past seven months.

2019-3-5 17:17	Stablecoins
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Wrap Your Head Around This: BTC Is Now Featured as a Token on Ethereum

It happened: Bitcoin is now an Ethereum token. Wrapped Bitcoin (WBTC), an ERC-20 token with a 1-1 peg to bitcoin, went live on the Ethereum network on the final day of January, “the first token that makes Bitcoin compatible with the Ethereum chain,” its architects say.

2019-2-2 00:04	ethereum
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MakerDAO (MKR) is creating a natural demand for Ether (ETH) that will soon outstrip its natural supply

MakerDAO lets people collateralize their crypto holdings to secure long term low interest loans. Just as you can take a loan out against your home, you can currently take out a loan against your ETH holdings.

2019-1-6 02:33	Crypto Journal
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CargoX Launches Public Blockchain For Shipping Industry

A decentralized, lower-cost, supply chain-focused blockchain built with the help of MakerDAO. Oh, and it's public.

2018-11-16 21:43	business and finance
blockchain public help built makerdao supply shipping

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About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts

CoinSpeaker About 1M ETH or Almost 1 Percent of the Total Supply Locked in MakerDAO Smart Contracts According to Mike McDonald, MKR. tools creator, almost 1 percent of the total Ethereum supply (about 1 million Ethereum) is currently locked in MakerDAO smart contracts.

2018-11-15 15:26	Smart Contracts
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With New Exchange Listings and Demand, New Stablecoins See Pegs Broken

Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance. Amidst news of listings on Huobi and OKEx, two of the industry’s largest exchanges, TrueUSD (TUSD), Gemini USD (GUSD), the Paxos Standard (PAX) and Circle’s USD Coin (USDC) have all risen well above their pegs.

2018-10-17 01:17	Digital assets
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Andreessen Horowitz’s $300m Crypto Fund Buys Stakes in Stablecoin Project

An upcoming stable coin project featuring a loaning system has bagged a $15 million investment from Andreessen Horowitz. VC Firm to Govern MakerDAO The venture capital firm, with a history of high profile investments into crypto projects, bought 6 percent of the total MKR supply through its $300m crypto fund, a16z crypto.

2018-9-26 18:30	Tether
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a16z crypto buys 6% of MKR, backing MakerDAO

It was announced earlier today that recently launched $300 million crypto and blockchain investment fund a16z crypto has purchased 6% of the total token supply of MakerDAO’s MKR for $15 million USD.

2018-9-24 22:39	MakerDAO
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Crypto Fund a16z Buys Up $15 Million Worth of MakerDAO’s MKR Stablecoins

Andreessen Horowitz’s specialized cryptocurrency and blockchain fund a16z crypto has purchased six percent of MakerDAO’s total MKR token supply for $15 million, the company announced in a September 24 press release.

2018-9-25 21:15	StableCoin
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Wyre Adds MakerDAO Stablecoin Pairing for Global Money Transfers

Blockchain money transfer company Wyre has announced a partnership with MakerDAO, creator of the Dai stablecoin, to offer Dai as part of a fiat-crypto trading pair in more than 30 countries across the world including the U.

2018-8-15 00:54	Payments
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MakerDAO Announces Partnership With Tradeshift

MakerDAO, creator of the Dai stablecoin, announced its partnership with Tradeshift on July 6. Tradeshift, which provides supply chain payments and markets for more than 1.5 million companies in over 190 countries, will add payments through a decentralized marketplace using the Dai stablecoin to fund real-time small business loans. This partnership could help businesses gain […]

2018-7-8 16:00	supply chain
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MakerDAO Partners with Supply Chain Payments Company TradeShift

MakerDAO, the project behind the decentralized stablecoin Dai, will partner with Tradeshift, a multi-national company specializing in supply chain… The post MakerDAO Partners with Supply Chain Payments Company TradeShift appeared first on Invest In Blockchain.

2018-7-6 13:33	Partnerships
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Ethena Protocol’s USDe Gains MakerDAO’s Vote of Confidence With $600 Million Stake

MakerDAO contemplates a significant DAI allocation to the growing USDe synthetic dollar stablecoin. The post Ethena Protocol’s USDe Gains MakerDAO’s Vote of Confidence With $600 Million Stake appeared first on BeInCrypto.

2023-8-13 15:14

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