According to CoinMarketCap data, DAI’s market cap increased to $5.33 billion from the $4.45 billion recorded on Aug. 6.
Growth Driven by Enhanced DSR
On Aug. 6, MakerDAO founder Rune Christensen revealed that DAI’s interest rate increased to 8% to attract more holders to use the DSR mechanism at no extra risk. The incentive immediately impacted the number of the decentralized stablecoins in the DSR contract, rising to 1.27 billion from 339.4 million recorded on Aug. 6, according to the Makerburn dashboard. Competition Heats Up in Stablecoin Market Despite Declining Supply
Giant technological firm PayPal introduced the PYUSD stablecoin earlier in the week, increasing competition in an already saturated market. Dominant stablecoin issuers, Tether and Circle, welcomed competition from the tech giant, hoping the move would further bolster the global adoption of stablecoins.
When the market becomes more competitive, it always growths faster. I am sure stablecoin techonologies will develop in correct way. Show Less
