Coinspeaker
Last week, DAI reached a record-breaking $240 billion in on-chain transaction volume
Stablecoins saw significant growth last week due to the volatility of the crypto markets and its losses. But MakerDAO’s DAI stablecoin benefited the most during last week’s bloodbath.
According to data collected by the intelligent on-chain platform IntoTheBlock DAI reached a new record of $240B for on-chain transactions. This record weekly high exceeded the rest of stablecoins.
$DAI Last week, there were $240B worth of transactions on the chain.
This is a new high for the week. $DAI, it's also more than all other stablecoins combined! pic.twitter.com/pgm3pv7M5M
— IntoTheBlock (@intotheblock) April 23, 2024
Typically, a surge in stablecoin volume or supply held by addresses can signal a flight from volatility since stablecoins can offer “stability” compared to other cryptocurrencies.
This could also lead to a spike in the buying pressure, as traders and investors send money to the exchanges to purchase dips.
DeFiLlama data revealed that last week’s DAI volume was mostly concentrated on Ethereum (ETH) and Polygon (MATIC).
Further evaluation of DAI movement in the Ethereum network showed that last week’s surge in volume also marked a slight dip in…
