Following the demise of the Terra-based stablecoin UST, DAI has become the largest decentralized stablecoin in existence today.
) 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. Whileremained 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 , TUSD ,
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