MakerDAO’s Dai Stablecoin Supply Hits $1 Billion for the First Time

2020-11-14 01:41

Users of the decentralized stablecoin protocol Maker have minted $1 billion worth of the DAI stablecoin, according to Rune Christensen, CEO and co-founder of the company:

The Maker Protocol just hit 1 billion Dai for the first time ever!

Want to be a part of growing it to 10 billion and beyond?

Take a look at the collateral onboarding guide: https://t.co/dKsX7eMvjQ And earn bounties by helping onboard your favourite ERC20 tokens. pic.twitter.com/FvlinZG7lp

— Rune Christensen (@RuneKek) November 13, 2020

Unlike many other stablecoins, DAI is not minted by a central company that can decide to issue tokens at will so long as it can claim that it has sufficient reserves. Instead, DAI requires investors to actually stake cryptocurrency in order to issue tokens, meaning that its growth is presumably based on real demand.

“In just under one year since the launch of Multi-Collateral Dai, 1 billion [DAI] have been generated using Maker Vaults,” Maker noted on Twitter. Multi-Collateral Dai allowed users to stake a variety of tokens for the first time in November 2019.

Prior to this, in the Single-Collateral Dai era, it was only possible for users to stake Ethereum tokens as collateral. This suggests that the governance decision to support more tokens attracted more users to stake their cryptocurrency with the protocol.

DAI’s growth is also partially due to the fact that Maker voted to raise the debt ceiling to $1 billion on Sept. 17. Prior to that, there was approximately $500 million in stablecoin in circulation.

The coin’s $2 billion market cap makes it the third-largest stablecoin on the market, behind Tether ($17.6 billion, supported by Bitfinex) and USD Coin ($2.8 billion, supported by a joint venture between Circle and Coinbase).

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Supply Shock (M1) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 M1

time billion hits dai stablecoin supply makerdao

time billion → Результатов: 126


Popular DEX Uniswap Beats Coinbase for the Second Time in a Row, Overthrows Other Top CEXs

The popular DeFi protocol Uniswap is reaching towards becoming the fourth largest DeFi project to hit the $1 billion mark. Given that the fully decentralized on-chain protocol for a token exchange on Ethereum has seen a growth of 225% in the past less than five days, it won’t be long before it enters the billion-dollar […] The post Popular DEX Uniswap Beats Coinbase for the Second Time in a Row, Overthrows Other Top CEXs first appeared on BitcoinExchangeGuide.

2020-8-31 18:03


Фото:

Altseason Narrative Strengthens as Altcoin Market Cap Breaches Multi-Year Resistance Level

The total altcoin market capitalization has crossed $140 billion, possibly signaling the beginning of a new altseason.   Altcoin Market Cap Breaks Resistance According to a tweet by cryptocurrency analyst Rekt Capital on Tuesday (August 11, 2020), the altcoin market has crossed a major resistance level, going above $140 billion for the first time in twoRead MoreRead More.

2020-8-12 01:00


Фото:

‘Bitcoin Is Superior To Cash’, Says World’s Largest Business Intelligence Company

Publicly listed business intelligence firm MicroStrategy announced on Aug 11 that it had purchased 21,454 bitcoins worth $250 billion at the time, in a bid to hedge against Fed-led inflation. This is a major achievement for bitcoin as it adds credibility to the narrative that the king of crypto is gaining popularity on Wall Street as […]

2020-8-12 00:06