The total supply of MakerDAO’s [MKR] decentralized stablecoin DAI, has cratered to a new low, according to data from MakerBurn.
Sitting at 4.42 million DAI at press time, the stablecoin’s supply was at its lowest since August 2023.
When the values of the assets backing DAI decline, the interest rate for borrowing DAI on MakerDAO surges. Therefore, the recent fall in DAI’s supply may be due to a general decline in interest in seeking out stablecoin loans on MakerDao.Despite the decline in DAI’s supply, the general market rally has led to a growth in MKR’s value.
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