DAI has overtaken BUSD in market cap as Binance faces legal issues. The integration of rETH and raised debt ceiling bolstered DAI's growth and stability.
, stood at number three. However, due to the recent lawsuit of SEC against Binance, many investors have lost faith in BUSD.As a result of the declining trust in BUSD, its marketcap experienced a significant decline, paving the way for DAI to claim the third position. At press time, DAI’s marketcap stood at approximately $4.94 billion, according to data from CoinMarketCap.
Moreover, DAI has witnessed a remarkable surge in network growth, suggesting heightened interest from new users and addresses. Additionally, the velocity of stablecoins increased as well, indicating a rise in the frequency of DAI transfers.The growth of DAI is poised to expand further due to recent collaborations initiated by MakerDAO. In line with the latest Executive Vote, the integration process of rETH as a fresh collateral into Spark Protocol was underway.
The integration of rETH into Spark Protocol is expected to have a positive impact on DAI. This development enables rETH holders to access DAI loans at highly favorable interest rates, which is likely to stimulate demand for DAI. This increased demand will contribute to improved liquidity and stability for DAI, ultimately enhancing its value and market position.
Furthermore, the Spark Protocol has actively raised the D3M debt ceiling from 5 million DAI to 20 million DAI. This adjustment provides an additional liquidity capacity of 15 million DAI, which can be borrowed through Spark’s lending platform. By expanding the D3M debt ceiling to 20 million DAI, the Spark Protocol contributes to the liquidity enhancement of DAI while meeting the growing demand for borrowing. This expansion further strengthens the stability and utility of DAI within the ecosystem.rETH is being onboarded to Spark Protocol as a new collateral, as per the latest Executive Vote.
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