Hitting $100 mln ceiling. What's behind the move?

We've just hit the 100M DAI (and the ceiling was raised to 120M DAI now): https://twitter.com/MakerDAO/status/1192164391287808000

Few interesting facts.

The has been massive amount of newly locked ETH. See the chart:

ETH locked

But the amount of created DAI was even higher, means quite a good portion was generated by the "old locked ETH".

generated/issued DAI

On the following chart this behavior can be observed clearly.

Draws by the old and the new CDPs

As can be seen from this chart, in the past months or so the demand for DAI from existing CDP holders (orange bars) or from the newly created CDPs.

But the last 4-5 days we have the demand from both groups at the same time

This kind of "unified" behaviour is typical for the "trend recognition" by the market participants.

Which trend in our case?

DAI is about to claim the leading position on the "stable coin market". It might still take some time for the whole crypto space to realize it though.

Thanks for reading!

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