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02 June 2020

Why $4M Dai Made From WBTC Matters for DeFi's Maturation - CoinDesk

Why $4M Dai Made From WBTC Matters for DeFi's Maturation - CoinDesk


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Calls to add bitcoin onto the protocol have floated around the Maker community before but gained steam following the flash crash of ether (ETH) on March 12.

And, as the oldest and largest DeFi protocol, the addition of bitcoin to Maker would pave the way for bitcoin onto Ethereum in general. 

The minting of $4 million in stablecoins represents some 3% of the amount of dai currently minted, but about 50% of the WBTC market cap, according to DeFi Pulse. 

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