The total circulating supply of one of the most important stablecoins in the decentralized financial instruments (DeFi) ecosystem, DAI by Maker DAO blockchain veterans, has reached a new all-time high. Earlier in September, 2020 new ATHs were registered for the U.S. Dollar Tether (USDT) and USD Coin (USDC) supplies.
600,000,000 DAI minted
DAI is a 1:1 U.S. dollar-pegged stablecoin designed by Maker DAO. It exists on top of the Ethereum (ETH) blockchain, and its supply correlates with the demand of users. Today this indicator has broken above a new all-time high.
Vault #14742 (ETH-A) was used to generate DAI:— Maker DAI Bot (@MakerDaiBot) September 15, 2020
️️🖨️ 2,000,000 DAI minted
📉 Liquidation price: $193.55
💳 Vault debt: 2,000,000 DAI
🏦 Total DAI Supply: 601.542M DAIhttps://t.co/fOlncI8xZe
According to automated tracking mechanism Maker DAI Bot by the Oasis lending and borrowing ecosystem, today, Sept. 16, the total circulating supply of DAI has surpassed 600,000,000 coins.
One hour later, minting tools of DAI added another 1,500,000 tokens to this supply. As a result, the accurate all-time high registered today is 602,019,000 DAI. However, some tokens were burnt soon after this high, and the supply level returned to sub-600 mln zones.
This process may be explained by an overall increase in interest in stablecoins, as well as by the migration of some U.S. dollar Tether (USDT) users scared by legal claims against Tether and Bitfinex.
Supply record after crucial integration
It should be noted that, yesterday, Sept. 15, the team at Matic Network (MATIC)—tasked with building Ethereum layer two scalability solutions—has announced DAI integration. Stablecoin by Maker DAO will utilize Plasma by Matic Network (MATIC) to solve low speed and high gas costs issues.
Its issuer, Maker DAO, is on its road to reestablishing itself as the number one decentralized financial protocol by total value locked. As covered by CryptoComes previously, Maker was surpassed by Aave Protocol (LEND) on Aug. 26.
However, right now the market is narrowing the gap between Aave Protocol (LEND) and Maker DAO. According to DeFi Pulse explorer, Maker is still far ahead of new-gen protocols like Curve (CRV) and Yearn.Finance (YFI) by the amount of total value locked.