MakerDAO’s DAI Reaches New Heights Through its Partnership with PSM (USDC)

03/11/2023 04:12 • Blockchain Briefs • 88 views

According to reports, MakerDAO said on Twitter that 736 million DAIs have been cast through PSM (USDC) in the past 24 hours, making a net increase of 296 million DAIs cast through PSM in the past 24 hours.

MakerDAO: Over 700 million DAIs have been cast through PSM in the past 24 hours

Analysis based on this information:

The decentralized finance (DeFi) space has been witness to several new heights and levels of growth that have been brought about by blockchain technology, and MakerDAO is one of the platforms that have been instrumental in driving this growth.

MakerDAO, established in 2015, is a decentralized autonomous organization (DAO) that operates on the Ethereum blockchain. It is responsible for the creation of the DAI stablecoin, a cryptocurrency that is pegged to the US dollar. The platform works by locking collateral in exchange for issuing DAI tokens.

One of the reasons behind the growing demand for the DAI stablecoin is the partnership that MakerDAO has with the PSM (USDC). PSM stands for the Peg Stability Module, and it plays an important role in the value proposition of MakerDAO’s DAI. PSM (USDC) was introduced to address the issue of DAI’s price always trading above its 1 USD peg. It was built to allow MakerDAO to sell off excess DAI to USDC every time it was created above $1 as a way of curbing inflation and stabilize the price peg.

According to recent reports, MakerDAO stated on Twitter that 736 million DAIs have been cast through PSM (USDC) in the past 24 hours, making a net increase of 296 million DAIs cast through PSM in the past 24 hours. These numbers demonstrate the increasing trust in the DAI stablecoin, more specifically the level of trust placed in its partnership with PSM (USDC) and could indicate that the value proposition of MakerDAO is resonating with more and more customers across the globe.

MakerDAO has been focused on providing financial inclusivity for all people on the network, whether it is for individuals or institutions, so they can increase their financial options with access to innovative blockchain-based financial solutions. This is important because traditional financial institutions operate with several limitations that undermine their end-users’ experiences; DeFi protocols remove traditional finance’s restrictive nature.

In conclusion, MakerDAO’s growth and success can be attributed to several factors, but undoubtedly its partnership with PSM (USDC) has played a significant role. This highlights that the DeFi space and blockchain technology as a whole are continuing to move towards financial inclusion and democratization, which could potentially change the way we conduct financial transactions in the future.

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MakerDAO’s DAI Reaches New Heights Through its Partnership with PSM (USDC)

MakerDAO: Over 700 million DAIs have been cast through PSM in the past 24 hours

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