As decentralized finance markets are growing well and stablecoins are witnessing a great surge in demand, MakerDAO’s stablecoin DAI has hit a new milestone. The stablecoin’s total supply has reached the $400 million figure. This sudden increase in the total supply of Dai has occurred as a result of the recent DAI minting.
10 million DAI tokens were minted
Recently, an amount of 10 million Dai tokens were minted. This minting of DAI has brought the total supply of the stablecoin to over $400 million.
This 10 million DAI mint brings the total DAI supply to over 400 million 🚀 https://t.co/5yH4a464B8
— Anthony Sassano | sassal.eth 👨🌾 (@sassal0x) August 10, 2020
The demand for MakerDAO’s DAI stablecoin has surged high in the decentralized finance (DeFi) sector due to which its market capitalization as well as its total supply has increased high in recent times. Reportedly, the market cap of the Dai stablecoin has increased by more than 200% since the start of the month of July.
Moreover, according to the latest research of Messari, the liquidity of Dai has also climbed high in the last two months. At the end of the month of July, the world’s leading cryptocurrency exchange Binance announced the listing of the Dai stablecoin which further boosted the liquidity of Dai and pushed it high.
Due to its rising demand in the DeFi sector, another United States-based digital currency exchange Coinbase announced in the previous month a rewards program for the holders of Dai.
Before the COVID-19 lockdown, investors were able to make a good interest on their holdings of Dai due to the high Dai Savings Rate (DSR). But after the cryptocurrency market faced a flat crash in mid-March, this rate has decreased down to the zero level.
Dai is the stablecoin of the Maker protocol which is known as one of the major platforms in the decentralized finance sector and has a $1.4 billion total locked value.