Yield farming fuels 623% development in DAI supply to almost…

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Yield farming fuels 623% development in DAI supply to almost $1B.
As an ERC-20 token, Dai can then be utilized on the Ethereum network to create interest or “yield” utilizing DeFi protocols.Messari associates much of Dai’s current development to the launch of 4 considerable liquidity mining programs in the DeFi sector, consisting of a modification to Compound’s( COMP) yield circulation that reinforced DAI benefits on June 30, the launch of Yearn Finance (YFI) farming on July 18, Curve’s (CRV )launch on Aug. 13, and the launch of yield farming for Uniswap’s UNI token on Sept. 16. Messari approximates that 65 %of DAI’s whole supply is presently being provided to DeFi procedures for yield farming.Demand for Circle’s USD Coin (USDC) likewise took off in the 3rd quarter, with USDC’s market cap tripling from$ 928 million on July 1 to$ 2.79 billion today. USDC is the 2nd stablecoin to grow by more than$ 1 billion in a single quarter, after Tether (USDT).

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