Stablecoin DAI surges in active levels driven by complex MEV transactions
2024-04-26 19:51:38
DAI stablecoin activity on Ethereum has increased dramatically in recent days, hitting its highest ever $86 billion trading volume on April 17. Previously, daily activity was less than $1 billion. The main driver behind this surge has been sophisticated MEV trading, which includes the use of Maker's Lightning Mint module, which allows users to mint DAI and tip in the same transaction. This mechanism has attracted arbitrageurs and MEV bots, with nearly $1 billion of DAI trading volume in a single transaction, for example. EigenPhi data shows that MEV bots made about $20,000 per day on April 17-18, although the pace of activity has slowed. The spike in activity from DAI highlights the ongoing evolution and use of stablecoins in the crypto space.
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