DAI-namic Shift: MakerDAO's stablecoin supply drops 50%, thanks to...
This contraction in DAI supply is due to the DeFi protocol’s Collateralized Debt Position model. MakerDAO CDP allows users to generate the DAI stablecoin by collateralizing other cryptocurrencies, such as Ethereum.
This mechanism effectively manages the decrease in DAI supply due to crypto price drops, keeping it close to its target price. As of this writing, MakerDAO’s TVL was spotted at $7.21 billion, in second place behind Lido’s $8.6 billion.Exchanging hands at $641.47 at press time, MKR’s value declined by almost 30% in the last 30 days, data fromThis has pushed MKR’s Relative Strength Index and Money Flow Index toward the oversold region. At press time, these indicators were both spotted at 36, signaling a wane in buying pressure and increased token sell-offs.
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