The month of April witnessed a record number of transactions in the stablecoin market, and one of the stablecoins that stole the spotlight was DAI. DAI is increasingly being used in complex MEV (Miner Extractable Value) transactions, as reported by The Block.
DAI Large Transactions
These transactions often involve flash loans, where a large amount of DAI is created and returned in a single transaction. In fact, one such transaction alone adds nearly a billion dollars in DAI volume.
The volume of DAI in April reached $636 billion, accounting for a large portion of the total on-chain volume for the Ethereum stablecoin. During the month, the total on-chain volume of the Ethereum stablecoin reached nearly $1.2 trillion. Comparison with March shows a significant increase, with DAI volume more than tripling the total compared to the previous month.
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DAI Growth
Not only volume, DAI supply has also experienced impressive growth. Since March 7, the supply of DAI has grown by about one billion dollars tokens, reaching the current total supply of 5.44 billion DAI. Despite an increase in volume on other stablecoins, DAI managed to enlarge a share of the total stablecoin supply over the same period.
However, the challenges don't stop there. The month of May could be an important moment for DAI. Since May 1, DAI supply has increased by $220 million, according to data from MakerBurn. However, competition is getting tougher with the emergence of competitors such as USDe from Ethena and stabelcoin announced by Ripple. All of this could affect the state of DAI supply in the future.
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MakerDAO Main Token
Although the volume of DAI continues to increase, the price of the DAI-backed MakerDAO token tends to decline throughout April. However, in early May, we saw a slight upside that gave hope to DAI holders and the crypto community as a whole.
Conclusion
DAI has made history by being one of the largest and most active stablecoins in transactions. Its rapid growth shows great potential in the crypto ecosystem, and we will continue to monitor its development in the future.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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