↓ Stablecoin DAI Amidst Rebranding and Controversy
DAI , a stablecoin previously managed by MakerDAO , is undergoing significant transformations that may affect its market performance. MakerDAO...
Crypto trading platforms are adjusting their listings to comply with MiCA regulations. Crypto.com, for example, has delisted Tether USDT and 9 other tokens in Europe, including the controversial DAI and Sky stablecoins. Simultaneously, Ethena's USDe has overtaken DAI to become the third-largest stablecoin, while DAI itself achieved a record value of $490m following a rebrand.
The MakerDAO protocol, creator of DAI, recently underwent a rebrand to Sky with DAI upgraded to USDS. While Sky can freeze its new USDS stablecoin remotely, DAI will continue normally. Its rebrand has seen backlash and controversy, particularly regarding the new freeze function. Nevertheless, Maker aims to launch decentralized 'PureDai' in the coming years.
In terms of financial transactions, a record $240B in on-chain transactions was recorded for DAI last week. However, a recent phishing attack saw $55m in DAI stolen from a crypto whale. DAI currently has a market cap of over $5B, influenced by superior yields drawing investors from rival stablecoins.
As for regulatory matters, Coinbase delisted USDT, PAX, PYUSD, DAI, and GUSD in Europe. There are ongoing debates over the DAI collateral limit following a $600m mint with eUSD backing, and Maker is exploring alternatives to meet the demand for DAI while risk growth raises concerns. DAI prices remain unstable, occasionally depegging to reach lifetime lows. Yet DAI remains resilient despite similar depeggings affecting other stablecoins more harshly.
DAI Coin News Analytics from Mon, 10 Jun 2019 07:00:00 GMT to Fri, 31 Jan 2025 08:00:00 GMT - Rating 2 - Innovation 7 - Information 8 - Rumor -1
