DAI Takes the Reins as the Leading Decentralized Stablecoin by Market Cap – Altcoins – Bitcoin News

Following the demise of the Terra-based stablecoin UST, the DAI fiat token has become the largest decentralized stablecoin in existence today. Additionally, Makerdao has reclaimed the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL).

Makerdao DAI Regains Top Position for Decentralized Stablecoin

This month, it’s pretty clear that the fallout from Terra LUNA and UST has rippled through defi and the crypto ecosystem in general. Furthermore, the implosion of Terra has allowed the DAI stablecoin to regain its position as the largest decentralized stablecoin in terms of market cap.

DAI is the fourth largest stablecoin, but the top three (USDT, USDC, BUSD) are centralized stablecoin products. DAI is issued by the Makerdao (MKR) project, and unlike an algorithmic stablecoin like UST, DAI leverages an overcollateralized loan and payment process.

Today, the market valuation of DAI is $6.24 billion, but the stablecoin’s market capitalization is down 27.3% in the last 30 days. While DAI was stable, the implosion of Terra sent shockwaves through the crypto community which, in turn, cut the TVL in defi in half. More than $2.6 billion in DAI has been withdrawn from circulation since May 1, 2022.

On May 28, the largest DAI trading pair is the US dollar, capturing 30.96% of all DAI trades. Other big DAI trading pairs include USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%) and EUR (2.31%).

DAI has seen $159.99 million in global trading volume over the last 24 hours and Kraken is the most active DAI exchange currently. DAI trading volume is also high on FTX, Okex, Bittrex and Crypto.com.

While stablecoins USDT, USDC, and BUSD are in the top ten in terms of market capitalization, DAI is currently ranked 16th. Additionally, Makerdao has a native token called MKR that trades for $1,178 per unit. MKR is the 58th largest cryptocurrency today in terms of market capitalization.

Defillama.com stats show that Makerdao is the most dominant defi protocol when it comes to TVL. Makerdao has a total locked value of $9.38 billion, which has a domain rating of around 8.77% of the total $106 billion TVL in defi today. Despite being at the top, the Makerdao TVL has lost 28.59% over the last month. The Makerdao defi protocol has lost about 2.53% from 28.59% over the past seven days.

Tags in this story
Altcoins, DAI, Dai Stablecoin, Dai Trade Volume, Decentralized Stablecoin, Exchange Rate, Fiat Token, LUNA, Maker, makerdao, MKR, Overcollateralization, Stablecoins, Terra, Terra Implosion, tusd, USD, USDC, USDT, UST

What do you think about DAI regaining its position as the top decentralized stablecoin asset today? Let us know what you think about this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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