Mike Macdonald, the creator of MKR.tools, tweeted that about 1 million ether, almost 1% of ethereum’s total supply, is currently locked in MakerDAO's smart contracts.
There is now 1,000,000 ETH locked in @MakerDAO smart contracts as of this morning 🎉. A slight rounding error away from 1% of the total ETH supply. pic.twitter.com/0ePQv6mWKm
— Mike McDonald (@mikeraymcdonald) November 13, 2018
MakerDAO is a project behind Dai, a second-generation stablecoin offering that very carefully allows to issue the U.S. dollar in the ethereum (ETH/USD) Blockchain.
Although the Blockchain shows about 1 million ether blocked in MakerDAO's smart contracts, the market capitalization of the Dai token is actually around 1/3 of that figure.
The essence of MakerDAO is that users can pool the ether together (called PETH) and issue the Dai tokens, which are backed by ether and are stabilized at various levels at 1$ through different mechanisms.
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