Nearly 1% of ETH is locked into the DAI stablecoin
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Approximately 800,000 of the current 102M ETH is locked in DAI. As previously explained by The Block, DAI is crypto-backed stablecoin that over-collateralizes ETH to maintain its stability. The current rate for DAI is $3 in ETH for $1 in DAI. With close to 1% of ETH locked into DAI, it makes MKR (the token powering the DAI) the highest valued Ethereum token on the market. (Source: Trustnodes)
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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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