MakerDAO has become widely known for its revolutionary approach to stablecoins, which allows users to lock up their Ethereum holdings and receive dollar-pegged Dai tokens in return. Now, the project has published some new usage statistics. According to MakerDAO, its Dai stablecoin is experiencing “real and growing adoption”―a major accomplishment for a platform that was launched just over a year ago.

Addresses & Transfers Thriving

The report discusses several areas, but addresses, which provide an estimate of users, are naturally a major focus. Last month, there were 8200 unique addresses with a balance of at least 1 Dai, and there were 7300 addresses that were actively making transactions. New addresses also performed well: 16% of new addresses immediately received at least 1000 Dai, and 71% spent Dai within one week.

MakerDAO has also been closely watching the ways in which Dai is actually used. Decentralized exchanges played a major role and handled 50% of all transferred Dai last month. Meanwhile, 23% of all transferred Dai tokens were moved through simple transfers, such as payments, gifts, and purchases. Additionally, 12% of all transferred Dai involved loans and CDP collateral.

The coin’s churn rate, which represents how often addresses deplete their Dai balance, is also quite impressive. Only about 6% of addresses deplete their Dai balance entirely and do not acquire more Dai later on. This has kept the total Dai supply high: the circulating supply of Dai, which currently totals 76 million, has experienced a few dips but is largely on the rise.

The Bigger Picture

MakerDAO previously reported statistics which indicated that the Dai supply has been growing due to the long-running Ethereum price crash, revealing that 1.5% of the total Ethereum supply has been converted to Dai. These new statistics, however, indicate broader success and show that Dai is far more than a refuge from market volatility.

MakerDAO has admitted that these statistics may be different from numbers published elsewhere. Additionally, there is the possibility that individual users are holding multiple addresses. Nevertheless, these new statistics seem to show success, and with any luck, the upcoming addition of multicollateral Dai will also provide an adoption boost.

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