Maker (MKR)
$457.31 (1.12 %) View coin |
Dai (DAI)
$1.02 (-0.14 %) View coin
27 July 2020

Dai supply approaches $300 million as value locked in Maker breaches $1 billion

Today Maker became the first DeFi protocol to surpass the $1 billion total value locked mark. Nearly $900 million of that TVL is ETH.

Source: DeFi Pulse

Since Compound’s distribution patch passed June 30th, which made Dai more attractive to liquidity mine with, Dai issuance has soared more than $150 million. During this time more than $140 million Dai went into Compound.

The big tick up in new issuance has not been enough to bring Dai’s price back down to its $1 peg. Dai’s price remains above $1.01 as new issuance doesn’t necessarily lead to downward pressure on price. A user needs to be willing to mint new Dai and sell it into the market in order for it to do so, rather than just putting it into Compound.

Source: Messari Portal

Why it matters: - Liquidity mining is disrupting DeFi and causing an explosion of activity in many DeFi protocols, including Maker. - Dai’s persisting premium is a great example of the challenges Dai faces scaling with demand.

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