Use of the ethereum-based stablecoin Dai continues to grow, according to data from MakerDAO and Beneath.Network, with new records set in recent months. In May, users set a new high by transferring 1.4 billion Dai.
Maker pointed to the amount of Dai held in open-finance systems as evidence of growth. It recently reached an all-time high according to analysis published by Maker in its latest Momentum Report. However, Maker reported the distribution of Dai within open-finance protocols continues to vary.
Ethereum users are utilizing Dai for a variety of purposes, with decentralized exchange leading the pack, accounting for 70% of transfer volume, according to the report. Trades are mainly made on Eth2Dai, but Uniswap and Kyber are growing more popular. Overall, Maker found Dai usage increased by 20% each month since March 2019.
However, decentralized lending is also a growing space for Dai, according to Maker. Lending on platforms like Nuo, Dharma, dYdX and Compound accounted for 13% of Dai activity.
Maker also reported that its protocol has generated 325 million Dai, which were created during withdrawals and creation of CDPs. This Dai must be repaid, and so far users have paid back 243 million. The remaining 82 million Dai are collateralized with about $433 million worth of Ether.
In May, over 16,300 unique wallet addresses sent or received Dai, which is more than double the number of unique addresses that generated activity in January. Today over 14,000 addresses hold more than 1 Dai.