Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has turn out to be the biggest decentralized stablecoin in existence right now. Furthermore, Makerdao has regained the decentralized finance (defi) protocol’s place as the highest defi protocol by way of whole worth locked (TVL).
Makerdao’s DAI Regains the High Decentralized Stablecoin Place
This month, it’s fairly clear that the Terra LUNA and UST fallout has rippled throughout defi and the crypto ecosystem basically. Moreover, the Terra implosion has allowed the stablecoin DAI to regain its place as the biggest decentralized stablecoin by way of market capitalization.
DAI is the fourth largest stablecoin however the high three (USDT, USDC, BUSD) are centralized stablecoin merchandise. DAI is issued by the Makerdao (MKR) venture and in contrast to an algorithmic stablecoin like UST, DAI leverages an overcollateralized mortgage and compensation course of.
Right this moment, DAI’s market valuation is $6.24 billion however the stablecoin’s market cap is down 27.3% during the last 30 days. Whereas DAI remained steady, Terra’s implosion despatched shockwaves by way of the crypto group which in flip minimize the TVL in defi in half. Greater than $2.6 billion value of DAI was faraway from circulation since Could 1, 2022.
On Could 28, DAI’s largest buying and selling pair is the U.S. greenback because it captures 30.96% of all DAI trades. Different massive DAI buying and selling pairs embody USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%), and EUR (2.31%).
DAI has seen $159,99 million in world commerce quantity through the previous 24 hours and Kraken is the presently most lively DAI trade. DAI commerce quantity can be excessive on FTX, Okex, Bittrex, and Crypto.com.
Whereas the stablecoins USDT, USDC, and BUSD are within the high ten by way of market cap, DAI is ranked 16 right now. Moreover, Makerdao has a local token known as MKR which is exchanging fingers for $1,178 per unit. MKR is the 58th largest cryptocurrency right now by way of market capitalization.
Defillama.com statistics present that Makerdao is essentially the most dominant defi protocol so far as TVL is anxious. Makerdao has $9.38 billion whole worth locked which has a dominance score of round 8.77% out of the mixture $106 billion TVL in defi right now. Regardless of being on high, Makerdao’s TVL has shed 28.59% through the previous month. The defi protocol Makerdao has misplaced roughly 2.53% of the 28.59% over the past seven days.
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