Stablecoins have gained massive popularity during the past year as the cryptocurrency market tumbled from all-time highs starting February 2018. One of the lesser-known stablecoins, Dai (Dai) has quietly been increasing its adoption as shown by the 7,300 addresses being opened monthly for the token. The number, however, shows no signs of slowing down as research expects the growth of adoptees to increase by 20% every month.
Chart showing DAI’s wallet addresses growth in the past year
Dai is a stablecoin created by one of the oldest Ethereum-focused companies, Maker. The coin is pegged to the USD at a rate of 1 Dai equal to $1 however much Dai is in existence. Unlike other stablecoins such as Tether, Dai has no central controlling unit or a bank to place dollar deposits. Instead, the Dai protocol works within the Ethereum blockchain achieving stability using smart contract technology.
There is quite no stablecoin like DAI and many of the current cryptocurrencies do not match the rapid growth experienced in the past year. One protocol that matches the DAI in growth in the past few months is the Bitcoin Lightning Network (Bitcoin LN) which has grown over 200% in the past 90 days. The platform is set to increase the scalability and transaction speeds of Bitcoin.
DAI is currently trading at $0.994299 USD, representing a 0.63% loss in the past 24 hours. The token’s market capitalization stands at $76,646,418 USD with 77 million DAI tokens in circulation. This places the coin at 58th on the Coinmarketcap log.