Recently Bitcoin.com News covered the stablecoin tether and how the crypto asset’s market valuation jumped more than 1,500% in just over 500 days. In addition to this exponential increase, the decentralized stablecoin DAI’s market capitalization has also swelled significantly as DAI’s market valuation jumped more than 800% during the last 12 months, increasing from $696 million to $6.3 billion today.
Makerdao’s Stablecoin Rises 800% Since September 2020
On Saturday, September 18, 2021, there’s approximately $127.29 billion worth of stablecoins and they currently command $62 billion worth of today’s trade volume. There is no doubt that stablecoins have become huge over the last three years and news outlets and research studies often refer to tether’s (USDT) massive growth.
The thing about tether (USDT) is that there are humans calling the shots when it comes to the stablecoin project’s operations. The stablecoin DAI, on the other hand, is operated by the Makerdao project which is a decentralized autonomous organization (DAO). There are of course people behind the minting of DAI stablecoins, but it is based on participants adding value and overcollateralization to the service.
The Makerdao website says that DAI helps financial freedom “with no volatility” by offering a “price-stable currency that you control.” The website says that users can read the whitepaper to understand how it works and generate DAI on their own terms.
During the last 12 months, the overall DAI supply has increased a great deal, jumping 808.90% since September 18, 2020. At that time, the DAI market cap was only $696 million but today it’s over $6.3 billion.
Coingecko’s stablecoins by market cap stats show that DAI is the fourth largest stablecoin by market capitalization today. DAI is
