With the Ethereum community fully embracing Open Finance, volumes — and in turn product fit — have largely been captured early on by borrowing and supplying stablecoins within non-custodial lending protocols (DAI/USDC on Compound and dYdX). Looking specifically at DAI, the most trustless stablecoin issued on Ethereum, the asset has seen more than 100% growth in value locked within non-custodial platforms in August, led by 100% growth in DAI value locked within Compound (now more than $10.5m DAI in Compound), and close to 60% growth within dYdX (~$2.2m) in August.
Source: The Block, Dai in Defi
YTD in 2019, DAI has taken an additional 5% of the total mix of outstanding stablecoin USD value and is currently 10% (ex.
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Open Finance Volumes in the Spotlight written by Ryan Todd @ https://www.theblockcrypto.com/genesis/39151/open-finance-volumes-in-the-spotlight/?utm_source=rss&utm_medium=rss&utm_campaign=default September 11, 2019 Ryan Todd