With Terra continuing to crumble, investors have turned to other stablecoins such as DAI and the MakerDAO governance TokenMKR. According to CoinMarketCap data, MKR’s market value has now reached $1.4 billion, making it the eighth-largest DeFi token by market value.
At the same time, DAI has also become the fourth-largest stablecoin by market value, with a market value of $6.47 billion. According to DeFiLlama data, the market’s recent surge in interest in MKR is expected to propel it to become the second-largest DeFi token by market value.
As of this Friday (May 13), MakerDAO’s lock-up volume has surpassed Curve, SushiSwap and Lido. It is worth mentioning that during the falling TerraUSD, MakerDAO’s official social media also wrote a special article saying that “The Maker protocol is healthy, liquid and solvent, with a 164% collateralization rate and billions of liquidity reserves. All DAI is all over-collateralized.”
