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 go the largest decentralized stablecoin successful beingness today. Moreover, Makerdao has regained the decentralized concern (defi) protocol’s presumption arsenic the apical defi protocol successful presumption of full worth locked (TVL).

Makerdao’s DAI Regains the Top Decentralized Stablecoin Position

This month, it’s rather wide that the Terra LUNA and UST fallout has rippled crossed defi and the crypto ecosystem successful general. Furthermore, the Terra implosion has allowed the stablecoin DAI to regain its presumption arsenic the largest decentralized stablecoin successful presumption of marketplace capitalization.

DAI is the 4th largest stablecoin but the apical 3 (USDT, USDC, BUSD) are centralized stablecoin products. DAI is issued by the Makerdao (MKR) task and dissimilar an algorithmic stablecoin similar UST, DAI leverages an overcollateralized indebtedness and repayment process.

Today, DAI’s marketplace valuation is $6.24 cardinal but the stablecoin’s marketplace headdress is down 27.3% implicit the past 30 days. While DAI remained stable, Terra’s implosion sent shockwaves done the crypto assemblage which successful crook chopped the TVL successful defi successful half. More than $2.6 cardinal worthy of DAI was removed from circulation since May 1, 2022.

On May 28, DAI’s largest trading brace is the U.S. dollar arsenic it captures 30.96% of each DAI trades. Other ample DAI trading pairs see USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%), and EUR (2.31%).

DAI has seen $159,99 cardinal successful planetary commercialized measurement during the past 24 hours and Kraken is the presently astir progressive DAI exchange. DAI commercialized measurement is besides precocious connected FTX, Okex, Bittrex, and Crypto.com.

While the stablecoins USDT, USDC, and BUSD are successful the apical 10 successful presumption of marketplace cap, DAI is ranked 16 today. Additionally, Makerdao has a autochthonal token called MKR which is exchanging hands for $1,178 per unit. MKR is the 58th largest cryptocurrency contiguous successful presumption of marketplace capitalization.

Defillama.com statistics amusement that Makerdao is the astir ascendant defi protocol arsenic acold arsenic TVL is concerned. Makerdao has $9.38 billion full worth locked which has a dominance standing of astir 8.77% retired of the aggregate $106 cardinal TVL successful defi today. Despite being connected top, Makerdao’s TVL has shed 28.59% during the past month. The defi protocol Makerdao has mislaid astir 2.53% of the 28.59% during the past 7 days.

What bash you deliberation astir DAI regaining its presumption arsenic the apical decentralized stablecoin plus today? Let america cognize what you deliberation astir this taxable successful the comments conception below.