News MakerDAO says DAI is growing exponentially

MakerDAO says DAI is growing exponentially

-

- Advertisment -

A report by MakerDAO, the company behind Dai, suggests that the economy of the stablecoin has grown in activity and diversity compared to earlier in the year figures as Ethereum developers continue to adopt the coin on a regular basis.

The Dai in Numbers report published earlier this month paints a positive overview of Dai, highlighting that over the past three months adoption of it has grown by around 20 percent each month.

At the time of the report’s publication, Maker noted that there were close to 14,400 unique addresses that held more than one Dai, with 16,300 unique addresses sending and receiving the stablecoin back in May. The month also saw a record with 1.4 billion Dai being transferred.

This is compared to the Dai in Numbers February report, which pointed out there were 8,200 unique addresses with a non-negligible amount of Dai and over 7,300 active addresses sending or receiving Dai.

Going live on the Ethereum mainnet in late 2017, Maker said that the launch of Dai would “enable the ecosystem to approach a new age of usability.” Pegged to the US dollar, with every Dai worth $1 regardless of how much Dai exists – according to Maker – it’s backed by ether that is deposited by traders into smart contracts on the Ethereum blockchain.

In just under two years, MakerDAO states that Dai has become a building block for many decentralized applications.

For instance, as of May the exchange of cryptocurrency was the highest performer for Dai, accounting for around 70% of transfers and volume. This can be seen with platforms such as Eth2Dai, Kyber Network, Uniswap, and Bancor. This swell in trading has also helped push the amount of Dai that is locked up in major dapps, which reached an all-time high.

Given its relative stability and the continued adoption of Dai, the future looks promising. This can also be seen by the likes of crypto exchange Coinbase jumping on board to further its advance.

So much so, that earlier this month it was reported that it was incentivizing users to learn about the stablecoin by paying them in Dai.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...
- Advertisement -

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Must read

- Advertisement -

Read Next
Recommended to you