DAI market capitalization surpasses $1 billion

The circulating supply of the DeFi-stablecoin DAI first surpassed 1 billion coins.

Maker Foundation founder Rune Christensen was the first to notice this.

The Maker Protocol just hit 1 billion Dai for the first time ever!

Want to be a part of growing it to 10 billion and beyond?

Take a look at the collateral onboarding guide: https://t.co/dKsX7eMvjQ And earn bounties by helping onboard your favourite ERC20 tokens. pic.twitter.com/FvlinZG7lp

— Rune Christensen (@RuneKek) November 13, 2020

As of writing, this figure stood at 1,011,493,921.28 DAI, according to data from daistats.

DAI is the third-largest stablecoin by market capitalization after Tether and USD Coin. It is generated when users collateralise their assets in the MakerDAO protocol.

Originally, DAI was backed exclusively by Ethereum (ETH). In November 2019, developers introduced a multi-collateral version of DAI, enabling the use of various crypto assets to back the stablecoin.

In late July, the largest US cryptocurrency exchange Coinbase announced that deposits of users in DAI would accrue 2% per year.

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