Oct 23, 2019 ⋅ 1 min read
In the MakerDAO ($MKR) system, loans are created by collateralizing $ETH which creates the stablecoin $DAI as a byproduct. The amount of Dai outstanding reflects the total debt in the system, which after peaking at $95 million in March, has since settled to around $85 million. By functioning as a decentralized U.S. dollar, Dai has become the standard in the DeFi space for use in other loan platforms, exchanges and derivative products. Currently, 17% of all Dai are held in the Compound smart contract earning interest with the second largest holder being dYdX. Recently dYdX has surpassed MakerDAO for the total amount of Dai borrowed in the last month.
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