$50 Million Dai Now Earning 8%, 2 Million ETH Locked – Trustnodes

$50 Million Dai Now Earning 8%, 2 Million ETH Locked

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Close to half of Dai’s total supply is now in a savings account earning nearly 8% a year.

That’s just weeks after Multi-Collaterals DAI launched with its market cap seemingly doubling to now $106 million.

There was a $100 million limit, which has now been lifted as other assets can be used to collateralize.

When the upgrade happened, initially around 50% moved to DAI while the rest was more slow with close to $25 million still in Single Collaterals SAI.

In combination there’s now $133 million tokenized dollars, meaning $33 million has been added recently.

Dai stats, Feb 2020
Dai stats, Feb 2020

All this dai is created by the 2 million locked eth, worth about $400 million, so technically around $300 million eth has been taken out of circulation.

That number might seem small in the age of trillions, but it’s more than 1% of ethereum’s market cap of $20 billion.

What is very interesting is the speed with which so much dai has been locked in the savings account with that 7.75% coming from Dai borrowers.

It’s interesting because it might indicate how much eth could eventually be locked into staking once that comes out as that too will give a rate of circa 6% depending on how many stakes.

So 50 million eth probably sounds about right, making it a halving of sorts as the idea of making money from money now develops in the crypto space.

Copyrights Trustnodes.com

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Masud
February 2, 2020 6:12 pm

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