MakerDAO’s DAI Stablecoin Breaks $1B Market Cap
The stablecoin dai (DAI) broke a market capitalization of $1 billion on Wednesday, a major milestone for the DeFi pioneer.
Buying in these stablecoins may foretell where the crypto market is going.
Maker's MKR token surged to its highest level in more than two years.
"Real world" assets have entered DeFi, as the Maker protocol reportedly just minted $38,000 of dai stablecoins to finance a mortgage loan.
A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the U.S. dollar or gold, to stabilize the price.
A loophole in MakerDAO’s collateralized debt market enables positions to be closed far more leniently than intended due to an oversight in the auction process.