{"id":12776,"date":"2023-08-07T16:59:40","date_gmt":"2023-08-07T16:59:40","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12776"},"modified":"2023-08-07T16:59:42","modified_gmt":"2023-08-07T16:59:42","slug":"makerdao-dai-supply-gains-200m-as-interest-rate-surges-to-8","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12776","title":{"rendered":"MakerDAO DAI supply gains $200M as interest rate surges to 8%"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>MakerDAO DAI&#8216;s stablecoin supply increased by $200 million after its interest rate increased by 8% for holders depositing into the protocol.<\/p>\n<p>On Aug. 6, MakerDAO&#8217;s founder Rune Christensen revealed that Dai Savings Rate (DSR) was paying the high yield rate for the stablecoin holders &#8220;at no additional risk.&#8221;<\/p>\n<p>Following the news, DAI&#8217;s market cap climbed to $4.66 billion from $4.45 billion during the last 24 hours, according to <em>CryptoSlate&#8217;s<\/em> data. Additionally, the number of the decentralized stablecoins in the DSR contract soared to 611 million from 339.4 million recorded on Aug. 6, according to the Makerburn dashboard.<\/p>\n<p>Source: Makerburn<\/p>\n<p>Meanwhile, the news has not positively impacted MakerDAO&#8217;s MKR token, which is down more than 3% in the last 24 hours to $1,207 at the time of writing, according to <em>CryptoSlate&#8217;s<\/em> data.<\/p>\n<h2>What is DSR?<\/h2>\n<p>The Maker team described DSR as a fundamental component within its ecosystem, allowing users to deposit DAI and receive a consistent interest rate. It added that the interest is accrued in real-time, accumulating from the system&#8217;s revenues.<\/p>\n<p>Christensen explained that DSR&#8217;s current high interest was because it has not enjoyed high adoption among DAI holders. According to him, only about 8% of Dai holders currently use DSR, forcing the protocol to hike the interest rate to attract more users. He added that the interest rate would drop &#8220;once more users arrive.&#8221;<\/p>\n<p>Meanwhile, the DSR can only be accessed through Spark Protocol, a DeFi platform launched by MakerDAO in February. Spark operates similarly to Aave but leverages DAI for liquidity.<\/p>\n<p>However, the DSR would be unavailable to crypto users in the U.S. or those using a virtual private network (VPN). This is because access to the Spark Protocol has been banned for the country due to the recent regulatory uncertainties in the U.S.<\/p>\n<p>Community members have suggested that the VPN ban was implemented to prevent U.S. citizens from circumventing the imposed location restrictions.<\/p>\n<p>The post MakerDAO DAI supply gains $200M as interest rate surges to 8% appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/makerdao-dai-supply-gains-200m-as-interest-rate-surges-to-8\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MakerDAO DAI&#8216;s stablecoin supply increased by $200 million after its interest rate increased by 8% for holders depositing into the protocol. On Aug. 6, MakerDAO&#8217;s founder Rune Christensen revealed that Dai Savings Rate (DSR) was paying the high yield rate for the stablecoin holders &#8220;at no additional risk.&#8221; Following the news, DAI&#8217;s market cap climbed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-12776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12776"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12776\/revisions"}],"predecessor-version":[{"id":12778,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12776\/revisions\/12778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12777"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}