“By my hand $DAI will die,” stablekwon tweeted in March. As his stablecoin $UST falls as low as 23 cents, DAI jumps back on top. But it still has a long way to go before it gets back into its pre-crash shape.
Because of that price drop, DAI, which is built on the Ethereum blockchain, briefly surpassed UST as the biggest stablecoin by market capitalization based on a decentralized finance protocol, and the fourth largest of all stablecoins.
DAI, which is maintained by the decentralized finance protocol MakerDAO, currently has a market cap of $7.54 billion , while UST was briefly at $6.43 billion on Wednesday, according to data from Messari, before rebounding to $12.9 billion in the afternoon. But there’s still a long way to go before the algorithmic stablecoin reaches its original market cap of around $18 billion, which is what it was before theon Twitter was palpable on Wednesday:DAI is a dollar-pegged stablecoin, meaning that its value is backed by dollars as opposed to using on-chain mint-and-burn mechanics. But both stablecoins operate in decentralized finance protocols, which is why they are often compared.
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