DAI economy grows as Ethereum developers continue to adopt the Stablecoin

DAI economy grows as Ethereum developers continue to adopt the Stablecoin

According to the report Dai in Numbers, MakerDAO’s stablecoin Dai’s adoption has grown twenty percent over the last three months, each. The report further stated that as the Ethereum developers continue with the adoption of Dai on a regular basis, the economy of Dai has grown in diversity and activity.

Moreover, the report noted that, as compared to the February report, there were eight thousand and two hundred (8,200) unique addresses with about seven thousand and three hundred (7,300) addresses for receiving or sending of Dai. While in recent reports, there are fourteen thousand and four hundred (14,400) unique addresses that are in hold of more than one Dai, and with sixteen thousand and three hundred (16,300) unique addresses that are receiving and sending stablecoin Dai in May. A record transfer of a little more than one billion (1.4) Dai was also witnessed for the month of May.

MakerDAO stated that in just two years, in late 2017, after going live on the Ethereum mainnet, the launching of Dai has enabled the ecosystem to approach a new era of usability. Furthermore, stablecoin Dai has become a building block for several decentralized applications.

According to Maker, every Dai is worth one dollar, regardless of the quantity of Dai existing; it is backed by ether that is deposited by the traders into a smart contract platform on the Ethereum blockchain. For instance, for the month of May, the digital currency exchange was the highest performer for Dai, accounting for about seventy percent of volume and transfer. This can be witnessed with other platforms such as Kyber Network, Eth2Dai, Bancor, and Uniswap. This surge in trade also helped to push the Dai that were locked up in majors DApps to reach an all-time high. Lastly, the continued adoption and relative stability of the stablecoin Dai, the future seems promising.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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