UST’s collapse shed a bad light on the algorithmic stablecoin industry, but one project that seems to have become even stronger is DAI, now the biggest algorithmic stablecoin.
MKR, the native token of the MakerDAO platform which issues DAI has also surged by 40 percent even as most cryptos continue to struggle at various price levels.
The biggest algorithmic stablecoin crashed from $1 to now changing hands at just a tenth of this value as its market cap collapsed from $19 billion to $1 billion. UST’s collapse seemed to have had a far-reaching effect on many other cryptos, from related projects like LUNA which has crashed to near-zero to bigger projects like Bitcoin which is struggling at $30,000. But there has been one big winner – DAI.
DAI is an algorithmic stablecoin, but that’s about all that it has in common with UST. For one, it’s issued by a decentralized autonomous organization (DAO) known as MakerDAO and is deployed on Ethereum as an ERC-20 token. Being issued by a
