MakerDAO's DAI surges with a $1 billion supply increase, propelled by a strategic Dai Savings Rate adjustment, solidifying its position in the DeFi realm
Spark Protocol emerges as a transformative force, driving MakerDAO’s DeFi ecosystem to new heights.DAI has established its dominance, showcasing remarkable growth over recent months. A pivotal catalyst behind this surge is the MakerDAO community’s decision to amplify the Dai Savings Rate to an enticing 8%, ushering in a host of positive effects for the protocol.
This strategic maneuver swiftly positioned DAI as the preeminent high-yield stablecoin, thus outshining the yield potential of U.S. Treasuries. The once $4.4 billion DAI supply surged to an impressive $5.3 billion, fueled by the surge of DSR-locked DAI from $340 million to a substantial $1.2 billion.
In a symbiotic process, holders of ETH and stETH capitalized on this opportunity, minting DAI and bolstering the protocol’s reserves.The ripples of these events resonated through the ecosystem, effectively boosting the circulating supply of sDAI by an impressive 54% within a mere week. Furthermore, an influx of over 573 million DAI found its sanctuary within the sDAI contract. Along with that, 556 million sDAI emerged from the minting process.Responding to this dynamic surge, Maker’s founder, Rune Christensen, proposed to reduce the DSR to 5%.Spark Protocol’s growth could also impact DAI positively. It is an entity that holds promising potential for the MakerDAO ecosystem.
Furthermore, the price of MKR remained stable at $1230. The number of addresses holding the MKR token continued to increase.
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