Maker (MKR) now holds over 2% of total Ethereum supply in Dai Credit System

31 Jan, 2019 | Updated: 31 Jan, 2019
by Ryan Boltman
Maker (MKR) now holds over 2% of total Ethereum supply in Dai Credit System

Maker (MKR) continues to grow, with it's collateralized debt position (CDP) now holding over 2m in ethereum collateral. 

The latest update means Maker's collateral has grown by 0.6% in two months. A whopping 600,000 Ethereum has been added in that time, meaning the CDP now holds over 2% of all ethereum.

The CDP allows users to increase their exposure to underlying assets and effectively margin trade. Making use of Maker's own ethereum based stable coin called Dai (DAI).

Read More: Maker (MKR) currently holds 1.4 million ethereum as collateral in smart contracts

MakerDao developer Mariano Conti tweeted their latest achievement, stating "2,000,021.056 ETH locked in the Dai Credit System. That's 92.79% of all Wrapped ETH. That's 1.91% of the ENTIRE ETH SUPPLY in existence. That's about $218,000,000 Dollars worth of ETH backing more than $75,440,000 worth of Dai.

While most projects appear to be taking a massive hit during the continued crypto winter, Maker has leveraged their platform to ensure that funding is not a problem. With over $218 million in ETH backing, the project appears to be gaining popularity in the crypto industry. 

MKR is currently ranked at #22, up one place since their November 29th update, with their stable coin DAI now ranked at #55, up 14 places since November 2018.

Read More: These are the 3 coins to watch for in February - Cryptocurrency

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