The most representative crypto of decentralized finance (DeFi) is without a doubt the DAI stablecoin, which is very versatile and can be integrated with different protocols. But how many DAI are actually locked?
Let’s start as always with macro data to get a first estimate of this stablecoin.
Currently, we can see that just over 21 million DAI are locked, but the peak was seen in March with over 85 million DAI locked in different protocols. The subsequent drop may also have been affected by attacks on some of these DeFi protocols.
Where are these DAI locked?
Going into detail, we find out which protocols support the DAI stablecoin and where they are locked. For convenience, we will only take the top 5 positions in the ranking.
Obviously, the number 1 position is occupied by Maker, since it is the team behind the stablecoin. Maker leads the ranking with just under 12 million DAI.
In second place there is the only decentralized exchange (DEX), Uniswap, which with its 3.6 million DAI manages to keep up with the other lending protocols.
In third place, there is dYdX, a lending platform that has recently also introduced decentralized perpetual contracts: in fact, this protocol is mainly aimed at professionals and those who engage in margin trading.
In fourth and fifth place there are respectively Dharma with 1.1 million DAI, protocol built on Compound that reflects its characteristics, and then there is Aave with 834 thousand DAI, which is the rebrand of ETHLend, a lending protocol.
Considering that DAI is widely used, also its incidence is very high, about 22%, compared to the supply of over 94 million, so it is certainly the most used DeFi tool on the Ethereum blockchain.