Odaily reports that MakerDAO's sDAI has seen significant growth since its launch, according to on-chain data analyst Tom Wan from 21co. sDAI allows DAI depositors to earn 8% interest while maintaining liquidity, a concept similar to LST. As a result, sDAI has become the seventh largest stablecoin on Ethereum.
Over the past week, the circulating supply of sDAI has increased by 54%. More than 573 million DAI have been deposited into the sDAI contract, and 556 million sDAI have been minted.
MakerDAO's sDAI has rapidly gained traction, climbing to become the seventh largest stablecoin on Ethereum. In the past week, the circulating supply of sDAI has risen by 54%, with over 573 million DAI deposited into the sDAI contract and 556 million sDAI minted.