DAI Supply Reaches All Time High as Peg Returns
DAI supply reaches all time high as the peg returns. But where did all the ETH go?
On March 12th, the USD-pegged stablecoin, DAI, saw a rapid price increase to over $1.08 as users of the Maker system frantically repaid their loans in an attempt to avoid being liquidated. This was all led by the extreme volatility in the price of ETH, where 1 Ether dropped from over $250 to $90 in a few short days, causing chaos in a system that was not prepared for such a dramatic collapse.