Fun

DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capitalization

News Feed - 2022-05-29 11:05:42

DAI Takes the Reigns as the Leading Decentralized Stablecoin by Market Capitalization


Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL). Makerdao’s DAI Regains the Top Decentralized Stablecoin Position


This month, it’s quite clear that the Terra LUNA and UST fallout has rippled across defi and the crypto ecosystem in general. Furthermore, the Terra implosion has allowed the stablecoin DAI to regain its position as the largest decentralized stablecoin in terms of market capitalization.


DAI is the fourth largest stablecoin but the top three (USDT, USDC, BUSD) are centralized stablecoin products. DAI is issued by the Makerdao (MKR) project and unlike an algorithmic stablecoin like UST, DAI leverages an overcollateralized loan and repayment process.


Today, DAI’s market valuation is $6.24 billion but the stablecoin’s market cap is down 27.3% over the last 30 days. While DAI remained stable, Terra’s implosion sent shockwaves through the crypto community which in turn cut the TVL in defi in half. More than $2.6 billion worth of DAI was removed from circulation since May 1, 2022.


On May 28, DAI’s largest trading pair is the U.S. dollar as it captures 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%).


DAI has seen $159,99 million in global trade volume during the past 24 hours and Kraken is the currently most active DAI exchange. DAI trade volume is also high on FTX, Okex, Bittrex, and Crypto.com.


While the stablecoins USDT, USDC, and BUSD are in the top ten in terms of market cap, DAI is ranked 16 today. Additionally, Makerdao has a native token called MKR which is exchanging hands for $1,178 per unit. MKR is the 58th largest cryptocurrency today in terms of market capitalization.


Defillama.com statistics show that Makerdao is the most dominant defi protocol as far as TVL is concerned. Makerdao has $9.38 billion total value locked which has a dominance rating of around 8.77% out of the aggregate $106 billion TVL in defi today. Despite being on top, Makerdao’s TVL has shed 28.59% during the past month. The defi protocol Makerdao has lost roughly 2.53% of the 28.59% during the last seven days. Tags in this story Altcoins, DAI, Dai Stablecoin, DAI trade volume, Decentralized Stablecoin, Exchange rate, fiat pegged token, LUNA, Maker, makerdao, MKR, overcollateralization, Stablecoins, Terra, Terra’s implosion, tusd, USD, USDC, USDT, UST


What do you think about DAI regaining its position as the top decentralized stablecoin asset today? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Elon Musk Says Spacex Will Soon Accept Dogecoin for Merchandise — Starlink Subscriptions Could Follow ALTCOINS | 2 days ago Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks ALTCOINS | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDesperate LUNA Investor Arrested, New Terra Network Announced, Davos Blockchain Talk, and More — Bitcoin.com News Week in Review Next articleBelarus Has Seized Millions of Dollars in Crypto, Chief Investigator Claims Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse

News Feed

Can’t Lock Down Bitcoin: Trump Ponders Halting Stock Trading, Grounding US Passenger Flights
Can"t Lock Down Bitcoin: Trump Ponders Halting Stock Trading, Grounding US Passenger Flights In the wake of the coronavirus outbreak and a looming recession, U.S. President Donal
Derek Andersen2 hours agoRBI lists risks of stablecoins for developing economies, calls for global regulationThe Reserve Bank of India listed six specific ways a stablecoin can undermine emerging markets, adding to its m
Reviewing El Salvador’s Bukele Predictions for 2022: What Went Wrong?
Reviewing El Salvador"s Bukele Predictions for 2022: What Went Wrong? Nayib Bukele, president of El Salvador and die-hard Bitcoin enthusiast, formulated a series of predictions abo
Arijit Sarkar36 minutes agoOprah and The Rock collect crypto donations for Maui wildfire victimsThe Rock and Oprah Winfrey launched the People’s Fund of Maui to provide direct financial support to those affected by the
Fort Worth Is Mining Bitcoin in City Hall, Mayor Wants to Transform Region Into a Tech-Friendly City
Fort Worth Is Mining Bitcoin in City Hall, Mayor Wants to Transform Region Into a Tech-Friendly City On Tuesday, Fort Worth mayor Mattie Parker and Fort Worth revealed that the cit
Turner Wright5 hours agoSam Bankman-Fried’s brother planned to buy island and prep for apocalypse: court filingAccording to court documents, Gabriel Bankman-Fried wrote a memo to the FTX Foundation with a plan to build
Antpool Reveals Plans to Drop Ethereum Ethash Support, Plans to Keep Mining ETC
Antpool Reveals Plans to Drop Ethereum Ethash Support, Plans to Keep Mining ETC Antpool, the bitcoin mining pool affiliated with Bitmain, has announced the crypto mining operation
The Bitcoin bottom is not in — BTC traders set price targets in low $40K range
Nancy Lubale2 hours agoThe Bitcoin bottom is not in — BTC traders set price targets in low $40K rangeCrypto traders appear to agree that today’s market rout is far from over.4321 Total views4 Total sharesListen to ar
Helen Partz12 minutes agoCrypto payment firm Alchemy Pay wins money transmitter license in USAlchemy Pay has joined the ranks of crypto firms like Coinbase and Jack Dorsey’s Block in securing the Money Transmitter Lice
Bitcoin targets $70K as stablecoin inflows and China stimulus boost rally
Josh O"Sullivan11 hours agoBitcoin targets $70K as stablecoin inflows and China stimulus boost rallyBitcoin has surged past $65,000, boosted by China’s stimulus measures and stablecoin inflows.4128 Total views8 Total s
Mt. Gox moves $3B in BTC to unknown address
Josh O"Sullivan1 hour agoMt. Gox moves $3B in BTC to unknown addressMt. Gox"s cold wallet transfers 47,229 BTC worth $3 billion to an unknown address, marking significant activity after a two-week lull.972 Total views7 T
Big Four Accounting Firm Deloitte Forges Partnership With Ava Labs to Leverage Avalanche Blockchain
Big Four Accounting Firm Deloitte Forges Partnership With Ava Labs to Leverage Avalanche Blockchain On Tuesday, one of the Big Four accounting organizations, Deloitte announced a s