Just a few months ago, the global finance sector witnessed the meteoric rise of yield farming, which in large part helped to spur the growth of the decentralized finance domain. During Q3 2020 alone, the DeFi market ushered in significant growth for many stablecoins compatible with (ETH), such as MakerDAO’s Dai.
According to information released by crypto market data aggregator Messari, the overall supply of the Dai stablecoin increased by a mammoth 623% during Q3, propelling the token’s value above $1 for 120 days running. The report also goes on to add that 65% of Dai’s entire token supply is currently being used for yield farming purposes across various DeFi protocols.
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