DAI market capitalization surpasses $400 million for the first time

The circulating supply of the DeFi-stablecoin DAI exceeded 400 million coins. In the last 24 hours, the issuer minted 17 million tokens.

Vault #10931 (WBTC-A) was used to generate DAI:
️️🖨️ 4,000,000 DAI minted
📉 Liquidation price: $10,786.36
💳 Vault debt: 32,430,450 DAI 🐋
🏦 Total DAI Supply: 407.665M DAIhttps://t.co/3MwSrn9vpR

— Maker DAI Bot (@MakerDaiBot) August 10, 2020

The total value of DAI locked in the Compound protocol surpassed $1.2 billion. Over the day this metric rose by 7.9%. Of this, $973 million is attributed to loans.

As of writing, the rate for borrowers is 4.08%, and for liquidity providers 3.08%.

The total value locked in DeFi once again hit a record—reaching $4.74 billion. Since the start of August, this figure has risen by $700 million.

Data: DefiPulse

MakerDAO remains in the lead with a market share above 30%. The gap to second-placed Compound has approached $600 million.

In late July, the largest U.S. cryptocurrency exchange Coinbase announced that deposits of users in DAI will accrue 2% per year. The service is available to residents of a limited number of countries.

In early July, the amount of DAI tokens locked in Compound exceeded the total supply of the stablecoin by more than three times. At the moment the gap remains at the same level. Experts compare this to partial reserve backing in traditional banks.

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