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DAI addresses continue to surge; record 27% monthly growth since May

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The importance of stablecoins such as Tether has gradually risen in the industry over the past few years, with these fiat-backed digital assets currrently occupying a substantial part of the total market cap.

MakerDao’s Dai is one such stablecoin and it has been recording a very positive 2019. According to MakerDao’s recent Q3 report, over the past quarter, activity in the DAI ecosystem has increased by over 4 times.

Back in May 2019, the monthly high of active addresses reported was around 16,000. In September, the active addresses figure skyrocketed to more than 66,000 addresses, which is a signficant increase in a span of just 4 months. It was also observed that the adoption metric, a measurement that looked into how many addresses held atleast 1 DAI, had steadily increased by around 25 percent every month.

Source: Maker Dao

It can be observed from the chart above that the active addresses did not exhibit a steep increase until June, following which the

stablecoin recorded a growth of 109,000 addresses. Coinbase‘s Earn Dai campaign has been credited for this sharp rise and after analyzing the smart contracts utilized in the campaign, it is believed that 76,000 new addresses joined the Maker protocol, with 43,000 of them being recorded in August alone. At press time, the number of addresses had fallen, but the general idea of DAI among users has been strengthened.

The report also suggested that almost 90 percent of the entire 80 million DAI in circulation was held in wallets, whereas more than 50 percent of it was held in private wallets. 20 percent of the total DAI was utilized in decentralized applications, and the remaining 7 and 6 percent were held in multi-sig wallets and escrow on crypto-exchanges, respectively.

At press time, Rune Christensen, CEO of Maker Foundation, had revealed that the highly anticipated Multi-Collateral Dai [MCD] was set for launch on 18 November. The launch of MCD has been identified as a major milestone for the DAI project and the community is hopeful that it would have a major impact on Decentralized Finance.

Source:ambcrypto

Tether

Tether’s distribution dominated by 119 addresses holding 64% of circulating USDT

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Despite a controversial back and forth with Bitfinex and the New York Attorney General’s Office, Tether has managed to remain popular and dominate the digital asset market in 2019. The demand for Tether was also highlighted by OKEx recently launching Tether-Futures Margin Trading on its platform on 5 November.

The world’s largest stablecoin with a market capitalization of $4.12 billion was attached to another major statistic, at press time. According to intotheblock, the total volume of large transactions, ones that were greater than $100k, was estimated to be more than $3.5 billion over the past seven days. The figures in question are pretty substantial in light of the fact that the digital asset market is currently undergoing a period of stagnation.

It was also reported that on an average, each USDT token is held for 21.2 days, indicating that a significant part of the community is still holding on to their USDT tokens.

Another revelation made by the analytics platform was the fact that around 119 addresses in the industry hold 64 percent of the total Tether in circulation. Such a metric suggests that

despite being decentralized, elements of centralized control are evident within these 119 addresses, which were estimated to hold around 22 million USDT on average.

In spite of these concerns, however, Tether continues to be the preferred stablecoin in the market. In fact, the world’s 2nd largest stablecoin, USDC, boasts of a market cap of only $474 million.

According to other available data, Tether’s dominance can also be observed over the past twelve months after USDT’s market cap improved by around 40 percent in 2019, scaling from $3.3 billion to 4.12 billion, at press time.

However, there may be more to Tether’s popularity.  John Carvalho, CCO of Bitrefill, recently stated that veteran Bitcoiners were supporting Tether for its allegiance with Bitfinex. In fact, the exchange had identified people’s requirements to change their volatility profile. According to Carvalho,

“They saw that there were even more use cases because there are many people that want to be able to move dollar value or dollar-denominated value around that don’t have clear access to the US banking system and the ability to do so. And so they really found a product-market fit for a token.”

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Tether Mints 200,000,000 USDT As Crypto Whales Move 2,811 BTC and 38,000,000 XRP

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Whale watchers are eyeing Tether, Bitcoin and XRP to try and figure out if recent activity offers any insight into where the crypto markets will head next.

Traders briefly got excited on Monday as the stablecoin company Tether issued 200,000,000 USDT.

According to recent analysis from the analytics company TokenAnalyst, the creation of new USDT is strongly correlated with past Bitcoin rallies. When new USDT is minted, the company finds that the price of BTC rises 70% of the time.

However, today’s minting of 200,000,000 USDT is different. It turns out the move is part of Tether’s efforts to replace outdated Omni-based tokens with Ethereum-based tokens.

The end result is that today’s creation of new USDT will not increase the supply of

Tether and is far less likely to have an impact on the markets.

Tether is designed to be pegged to the dollar, and traders use it as a way to sidestep crypto market volatility. The company says it mints new USDT at times of increased interest and trading volume, although it has been accused of creating new tokens simply to try to boost the price of BTC.

Meanwhile, traders are trying to determine why a large XRP whale is moving 38,000,000 XRP worth about $8.6 million.

The whale sent the funds from the crypto exchange Bitstamp to crypto platform Uphold which allows traders to buy and sell a number of digital assets.

Bitcoin whales are also surfacing at the start of the week. In the past 24 hours, whales have moved 2,811 BTC worth about $21.1 million.

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Tether

Tether Mints 200,000,000 USDT As Crypto Whales Move 2,811 BTC and 38,000,000 XRP

Published

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Whale watchers are eyeing Tether, Bitcoin and XRP to try and figure out if recent activity offers any insight into where the crypto markets will head next.

Traders briefly got excited on Monday as the stablecoin company Tether issued 200,000,000 USDT.

According to recent analysis from the analytics company TokenAnalyst, the creation of new USDT is strongly correlated with past Bitcoin rallies. When new USDT is minted, the company finds that the price of BTC rises 70% of the time.

However, today’s minting of 200,000,000 USDT is different. It turns out the move is part of Tether’s efforts to replace outdated Omni-based tokens with Ethereum-based tokens.

The

end result is that today’s creation of new USDT will not increase the supply of Tether and is far less likely to have an impact on the markets.

Tether is designed to be pegged to the dollar, and traders use it as a way to sidestep crypto market volatility. The company says it mints new USDT at times of increased interest and trading volume, although it has been accused of creating new tokens simply to try to boost the price of BTC.

Meanwhile, traders are trying to determine why a large XRP whale is moving 38,000,000 XRP worth about $8.6 million.

The whale sent the funds from the crypto exchange Bitstamp to crypto platform Uphold which allows traders to buy and sell a number of digital assets.

Bitcoin whales are also surfacing at the start of the week. In the past 24 hours, whales have moved 2,811 BTC worth about $21.1 million.

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