The stablecoin Dai now is the third-largest by market capitalization after Tether and USD Coin.CEO and co-founder of Maker announced that Maker users have minted $1 billion worth of DAI.
One thing that makes DAI special is that it's not minted by a central firm that can decide to issue assets on demand while it can state having enough stores. Instead, investors need to stake Dai for issuing tokens, suggesting that its increase is probably in accordance with real demand. Maker mentioned that in less than a year after launching Multi-Colletaral DAi, about 1 B have been produced using Maker Vaults. Multi-Collateral Dai offered users to stake different tokens for the first time in November 2019. Before this, in the Single-Collateral Dai period, users could only stake Ether as collateral. This means that the decision to provide more tokens increased the number of customers staking their crypto assets with the project. DAI’s growth is also partially due to the fact that Maker voted to raise the debt limit to $1 B on Sept. 17. Earlier there was approximately $500 M in stablecoin in circulation.
The Maker Protocol just hit 1 billion Dai for the first time ever!— Rune Christensen (@RuneKek) November 13, 2020
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