THELOGICALINDIAN - The decentralized stablecoin Dai is now the thirdlargest by bazaar assets afterwards Tether and USD Coin
Users of the decentralized stablecoin agreement Maker accept minted $1 billion account of the DAI stablecoin, according to Rune Christensen, CEO and co-founder of the company:
https://twitter.com/RuneKek/status/1327339693894234112
Unlike many added stablecoins, DAI is not minted by a axial aggregation that can adjudge to affair tokens at will so continued as it can claim that it has acceptable reserves. Instead, DAI requires investors to absolutely pale cryptocurrency in adjustment to affair tokens, acceptation that its advance is apparently based on absolute demand.
“In aloof beneath one year back the barrage of Multi-Collateral Dai, 1 billion [DAI] accept been generated application Maker Vaults,” Maker acclaimed on Twitter. Multi-Collateral Dai accustomed users to pale a array of tokens for the aboriginal time in November 2019.
Prior to this, in the Single-Collateral Dai era, it was alone accessible for users to pale Ethereum tokens as collateral. This suggests that the babyminding accommodation to abutment added tokens admiring added users to pale their cryptocurrency with the protocol.
DAI’s advance is additionally partially due to the actuality that Maker voted to raise the debt beam to $1 billion on Sept. 17. Prior to that, there was about $500 actor in stablecoin in circulation.
The coin’s $2 billion bazaar cap makes it the third-largest stablecoin on the market, abaft Tether ($17.6 billion, accurate by Bitfinex) and USD Coin ($2.8 billion, accurate by a collective adventure amid Circle and Coinbase).
