Dai, a crypto-collateralized stablecoin, is growing at an incredible rate.
Since Dai began to circulate among the crypto community at the beginning of 2018, the total amount of Dai holders and active addresses has been growing by roughly 20% per month. Better still, this growth shows no signs of slowing down.
There is currently 76 million Dai in circulation, with roughly 2 million ETH backing it as collateral. These tokens are spread across over 7,300 monthly active addresses.
Dai is quite unique in its offering and doesn’t have many true competitors. To find a parallel to its rapid growth, you could look at the Bitcoin Lightning Network, an open protocol layer with the goal of making Bitcoin transactions quicker and less expensive.
While they are entirely separate projects, the Lightning Network and Dai have at least one thing in common: rapid growth. BTC’s Lightning Network has grown more than 200% in just the last 3 months.
While DApps struggle to retain users, and ICO funding has dried up, Dai represents a bright spot in 2019’s cryptocurrency landscape.