The market cap of MakerDAO decentralized stablecoin DAI has increased by almost $1 billion in the last seven days after the DeFi protocol introduced an increased interest rate to attract more users.
According to CoinMarketCap data, DAI’s market cap increased to $5.33 billion from the $4.45 billion recorded on Aug. 6.
Growth Driven by Enhanced DSR
On Aug. 6, MakerDAO founder Rune Christensen revealed that DAI’s interest rate increased to 8% to attract more holders to use the DSR mechanism at no extra risk.
The incentive immediately impacted the number of the decentralized stablecoins in the DSR contract, rising to 1.27 billion from 339.4 million recorded on Aug. 6, according to the Makerburn dashboard.
The growth is more pronounced considering the high yield rate is unavailable to U.S. residents and virtual private networks (VPN) users.
MKR’s Value Rise
Meanwhile, DAI’s increased…
