MakerDAO’s DAI supply surges but on-chain activity tells a different tale
The Spark protocol has been experiencing explosive growth. More importantly, over 198 million DAI was borrowed on the protocol since its launch in May.
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The DAI stablecoin witnessed a significant surge in marketcap.
MakerDAO’s MKR wasn’t seen to be influenced by surging DAI demand.
The DAI stablecoin recently experienced a massive surge in its marketcap. Based on the underlying mint and burn mechanism, the surge indicated that the stablecoin has been hit with a strong demand wave.
Read Maker’s [MKR] price prediction 2023-24
Assessing the demand for DAI
To put things into perspective, DAI had a $4.44 billion marketcap as of 5 August. The marketcap figure soared to $5.1 billion 5 days later. This meant that DAI’s marketcap grew by roughly $750 million in just a few days.
The same stablecoin had previously been experiencing liquidity outflows in the last three months
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