Following the demise of the Terra-based stablecoin UST, the fiat-pegged token DAI has become the largest decentralized stablecoin in existence today. Moreover, Makerdao has regained the decentralized finance (defi) protocol’s position as the top defi protocol in terms of total value locked (TVL).
On May 28, DAI’s largest trading pair is the U.S. dollar as it captures 30.96% of all DAI trades. Other large DAI trading pairs include USDC (21.18%), TUSD (17.71%), USDT (17.46%), WETH (8.17%), and EUR (2.31%).
While the stablecoins USDT, USDC, and BUSD are in the top ten in terms of market cap, DAI is ranked 16 today. Additionally, Makerdao has a native token called MKR which is exchanging hands for $1,178 per unit. MKR is the 58th largest cryptocurrency today in terms of market capitalization.
What do you think about DAI regaining its position as the top decentralized stablecoin asset today? Let us know what you think about this subject in the comments section below.
