Yield farming is driving capital to DeFi protocols at unprecedented speed. But it also appears to be breaking parts of DeFi.
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Dai (DAI) is a decentralized stablecoin running on Ethereum (ETH) that attempts to maintain a value of $1.00 USD. Unlike centralized stablecoins, Dai isn't backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker platform. Note: if the Dai credit system is upgraded or shutdown, Dai holders may need to convert their Dai to Ethereum through the Maker platform. Read more at makerdao.com/whitepaper.
The amount of DAI deposited on Compound skyrocketed by more than $140 million on Thursday – somehow exceeding the total amount of DAI in existence.
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