DAI Records New Milestone With $1 Billion Market Cap For The First Time

MakerDAO’s DAI stablecoin has exceeded $1 billion in market capitalization for the first time. The new achievement was revealed by Coingecko on the 11th of November. The market cap surpassed the $1 billion mark after a sudden surge. Before then, DAI did not show a significant gain all week. 

The founder of MakerDAO, Rune Christensen, told CoinDesk through a spokesperson:

“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.”

DAI’s market value hit $1 billion, with about $30 million increase. A CoinJournal report noted that DAI was at a market value of about $960 to $975 million before the spike.  

However, the market cap has now dropped and is just over $997 million, according to Coingecko. Also, DAI is trading at $1.01 with a 24-hour trading volume of more than $96 million. About $1.6 billion in DAI is currently locked in Compound. 

The MakerDAO Foundation is yet to make an official announcement. 

Notably, the DeFi market also hit $1 billion in total value locked on the 7th of February. By August, it hit $7 billion. Uniswap has the highest total value locked at $3 billion. This represents 22% of the entire DeFi space. MakerDAO is positioned second with the highest total value locked at $2.3 billion. 

Image Credits: Pixabay