Maker Accounts For Over Half Of The $650M Locked In DeFi

maker accounts

Decentralized finance (DeFi) is getting bigger and bigger in the cryptocurrency news every day – and there are companies that prove that the segment will be growing in the years to come, too. One of them is Maker (DAO) which is the market leader of DeFi platforms at the moment with over 50% share. Maker accounts for over half of the $650 million locked in the industry – and as much as 2% of the total supply of Ethereum is also locked in on the platform with over 2.4 million ETH locked in DeFi in total.

This week’s altcoin news show that DAI hit a $100 million supply for the first time as decentralized finance (DeFi) gathers steam in a world where banks cannot be trusted. The multi-collateral Dai (MCD) project is nearing its launch date and this is definitely causing the Maker (MKR) platform to pump at the moment.

While Maker accounts for more than 50% of the DeFi market, MakerDAO is the organization behind the DAI stablecoin, accompanying the decentralized credit system. DAI is a dollar-pegged stablecoin but not a dollar-backed one – which means that it is more valuable because it derives its worth from pledged collateral. Also, the supply of DAI is dynamic and is created and destroyed based on loans made relative to the collateral. As such, DAI is the backbone of the DeFi system of Ethereum blockchain and smart contract based lending.

Aside from the news that Maker accounts for more than $650 million on the market, reports feature the Maker Foundation’s Gregory Di Prisco who said that the evolution of the multi-collateral DAI will allow more tokens to be used as collateral. Also, this will mark a huge milestone reached for the MakerDAO project and a turning point which will have a strong impact on the future of DeFi.

“Multi-Collateral Dai represents a tool in the DeFi toolbox that can help harness the power of money to solve global problems. Because of DeFi’s reliance on transparent, honest collaboration, even the most extreme global financial inequality might one day become a thing of the past,� the blog adds.

As the MCD launch date nears, the Maker prices have started to move and MKR is today the top performing crypto asset surging 15% in the past 24 hours. MKR shifted from $575 to top out above $680 as volume lifted from $5 million to $7 million.

 

The post Maker Accounts For Over Half Of The $650M Locked In DeFi appeared first on DC Forecasts - Leading Digital Currencies.

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