The total volume of stablecoins traded on Ethereum last month was significantly higher than any month prior. Most of it comes from DAI Stablecoin.
DAI is increasingly used in complex MEV transactions, often involving flash loans, where DAI is generated and returned in a single transaction, whichTransactionThat boosted DAI volume by nearly one billion dollars alone.
April DAI volume was $636 billion. This represents the majority of the total volume traded on Ethereum stablecoins, which is worth nearly $1.2 trillion per month. April DAI volumes also more than tripled in March.
DAI supply has grown in tandem. It has added about a billion dollars since March 7th.
May may also be another important month for DAI, with DAI supply increasing by another $220 million since May 1, according to the data. MakerBurn However, competitors like Ethena’s USDe and Ripple’s upcoming stablecoin could complicate DAI’s supply in the future.
refer : theblock.co
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