With the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Additionally, Makerdao has regained its status as the top Defi protocol for Decentralized Finance (defi) protocols in terms of Total Value Locked (TVL).
Makerdao’s DAI regains the top spot as a decentralized stablecoin
This month, obviously Terra LUNA and UST Radiation It has spread to defi and the entire crypto ecosystem.Additionally, Terra implosion allows stablecoins wore regain its status as the largest decentralized stablecoin by market cap.
DAI is the fourth largest stablecoin, but the top three (USDTUSDC, BUSD) are centralized stable currency products. wore Issued by Makerdao (MKR) projects, unlike algorithmic stablecoins such as UST, DAI utilizes an over-collateralized loan and repayment process.
Today, DAI’s market cap is $6.24 billion, but the stablecoin’s market cap has fallen 27.3% over the past 30 days.although wore Staying steady, Terra’s implosion sent shockwaves through the crypto community, cutting the TVL in Defi in half. More than $2.6 billion worth of DAI has been removed from circulation since May 1, 2022.
On May 28, the largest trading pair for DAI was the US dollar, as it accounted for 30.96% of all DAI trades. Other large DAI trading pairs include USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%) and EUR (2.31%).
wore With a global trading volume of $159.99 million in the past 24 hours, Kraken is currently the most active DAI exchange. DAI volumes are also high on FTX, Okex, Bittrex, and Crypto.com.
Although stablecoins USDT, USDC, and BUSD are in the top ten by market value, and DAI is ranked 16th today.Additionally, Makerdao has a native token called MKR Changed hands at $1,178 per unit. MKR It is the 58th largest cryptocurrency today in terms of market capitalization.
Defillama.com Statistical data It shows that Makerdao is the most important defi protocol in terms of TVL.Mark Douyou $9.38 billion The total value locked dominates today’s $106 billion TVL in Defi’s total value of about 8.77%. Despite topping the list, Makerdao’s TVL has dropped 28.59% over the past month. In the past 7 days, the defi protocol Makerdao has lost about 2.53% out of 28.59%.
How do you see DAI regaining its status as the top decentralized stablecoin asset today? Let us know what you think about this topic in the comments section below.
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