MakerDAO’s DAI Stablecoin Breaks $1B Market Cap

“One billion Dai in circulation is a huge milestone and a powerful validation that people around the world want more access, more transparency and more opportunity to maximize their economic potential,” Rune Christensen, MakerDAO’s founder, told CoinDesk through a spokesperson. DAI is created when Ethereum users deposit one of many assets into the Maker Protocol and borrow against that asset in the form of DAI.

“Dai is a pioneer of protocol-created financial instruments – and reaching the milestone of one billion Dai proves that it works, is here to stay, and is the honey badger of Ethereum,” Robert Leshner, founder of DeFi money market Compound, told CoinDesk. DAI doesn’t go into the ERC-20 smart contract until users withdraw it from MakerDAO, and in the future users could do so in other token standards, if better ones arise, Nik Kunkel, a developer at the Maker Foundation, explained.

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