A $30M supply surge has pushed Dai’s market cap above $1BN

By James Gray·12 November 2020·2 min read

Key Points

Breaking through a key milestone yesterday, DAI from MakerDAO hit a $1 billion market valuation for the first time in its history, according to CoinGecko data.
The stablecoin had largely lingered unde

Breaking through a key milestone yesterday, DAI from MakerDAO hit a $1 billion market valuation for the first time in its history, according to CoinGecko data. The stablecoin had largely lingered under the radar throughout the week before the dramatic move upward, which saw it jump $30 million in quick succession. Prior to that surge, DAI's valuation had been consolidating between $960 and $975 million. The achievement brings the stablecoin's total cryptocurrency market share to 0.22%. With current spot pricing hovering just above $1.00 per token and daily transaction volumes exceeding $81 million, the token is functioning as intended. However, the euphoria proved brief—just eight hours after crossing the milestone, DAI's market capitalization dipped slightly to $996 million, though it climbed back above the psychological level three hours later. Entering today, the figure has largely held firm around $1 billion, though some weakness may be lurking ahead.

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The MakerDAO Foundation has remained silent on the development thus far. Industry observers have drawn parallels to DeFi's own historic crossing of $1 billion in total value locked, which took place on February 7. That sector has experienced remarkable momentum since, though September and October saw relative lethargy. Within that nine-month window, the DeFi ecosystem touched multiple peaks. As of now, the all-time high for locked capital stands at $13.7 billion, established earlier today per DeFi Pulse figures. The previous day's tally reached $12.98 billion. Within DeFi's hierarchy, MakerDAO commands $2.3 billion in total locked value, claiming the second position. Uniswap leads the pack with $3 billion, representing 22% of all DeFi capital. MakerDAO accounts for 2.3% of the sector's total locked supply.

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