MakerDAO DAI supply gains $200M as interest rate surges to 8%

MakerDAO DAI supply gains $200M as interest rate surges to 8%

Aug. 7, 2023

By Oluwapelumi Adejumo

The high interest rate would be unavailable to U.S. citizens and VPN users.

MakerDAO DAI‘s stablecoin supply increased by $200 million after its interest rate increased by 8% for holders depositing into the protocol.

On Aug. 6, MakerDAO’s founder Rune Christensen revealed that Dai Savings Rate (DSR) was paying the high yield rate for the stablecoin holders “at no additional risk.”

Following the news, DAI’s market cap climbed to $4.66 billion from $4.45 billion during the last 24 hours, according to CryptoSlate’s 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.

Meanwhile, the news has not positively impacted MakerDAO’s MKR token, which is down more than 3% in the last 24 hours to $1,207 at the time of writing, according to CryptoSlate’s data.