Following the fall of the Terra UST, another token has its top position. News has it that the DAI token has emerged as the biggest decentralized stablecoin. 

The token has the largest market valuation in the DeFi community. Also, its issuer, MakerDAO, has gained the top position as the largest DeFi platform by TVL.

MakerDAO’s DAI Re-emerges As Largest Decentralized Stablecoin 

From the current market situation, it is clear that the fallout of UST and LUNA was catastrophic. It affected the entire crypto and DeFi ecosystem. 

Before the crash, UST was the biggest decentralized stablecoin according to market capitalization. However, the fall of the Terra platform has allowed other stablecoins to take its position. 

The DAI token is the 4th biggest stablecoin. The top three are USDT, BUSD, and USDC. It is worthy to note that these three are centralized stablecoin while DAI is decentralized. 

MakerDAO project issued the DAI token. Unlike the UST, the DAI utilizes an overcollateralized repayment and loan process. 

When Terra’s collapse occurred, the entire crypto community felt the impact. Also, it reduced the DeFi TVL by 50%. However, the DAI token remained stable. As of the 29th of May, the market valuation of DAI was about $6.24 billion.

From the 1st of May till now, DAI worth approximately $2.6 billion has left circulation. 

On the 28th of May, the United States dollar was the biggest trading pair for DAI. It captured about 30.95% of all trades by the decentralized token. 

Other large trading pairs include TUSD (17.71%), EUR (2.31%), USDT (17.46%), USDC (21.18%), and WETH (8.17%).

DAI’S Trading Volume Continues To Increase 

The most active crypto exchange for DAI tokens is Kraken. In the last 24hours, the token has recorded over $159.9 million in trade volume globally. 

Apart from the Kraken exchange, the trading volume is high on other exchange platforms. They include Okex, Bittrex, Crypto.com, and FTX. 

According to the market cap, stablecoins such as USDC, BUSD, and USDT are among the top ten. 

In addition, the MakerDAO platform has its native token, MKR. A unit of MKR costs over $1,178 for each unit. As per market capitalization, MKR ranks as the 58 largest cryptos. 

According to Defillama.com statistics, MakerDAO is currently the leading DeFi protocol. It has the largest Total Value Locked (TVL), which is over $9.38 billion. This accounts for around 8.77% of the total DeFi TVL, $106 billion. 

Despite reaching the top position, the TVL of MakerDAO has dropped by 28.59% over the last month. In addition, the DeFi platform has lost 2.53% from the 28.59% in one week.

As of writing time, the DAI token is trading at $1.00. According to CoinMarketCap, it has a market capitalization of over $6.65 billion.