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As gains decrease, DAI could become the stablecoin, investors look to as a safe haven. Will others join whales in the process?

On-chain data shows the Dai sharks and whales have been growing their holdings recently, which could fuel Bitcoin's rally. Dai Sharks & Whales Have Bought 6.

Investors have begun augmenting their holdings in DAI and other top stablecoins amid the prevalent selloffs that have triggered a fall in bitcoin prices (BTC) and other assets.

Stablecoins witness a decline in market cap as overall interest in the sector started to decline. The aggregate supply of all stablecoins also fell.

Today's cryptocurrency market showcases a mix of projects experiencing notable gains and others facing significant losses. BitTorrent, Synthetix, GUSD, DAI, and Tether have emerged as the top gainers of the day, while AGIX, ICP, CFX, dYDX, and RPL are the top losers.

MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, recently passed a new "constitution" aimed at formalizing its governance process and bolstering decentralization.This constitution is a key component of the "Endgame Plan" designed to transform MakerDAO into a truly decentralized organization, with DAI potentially becoming the world's reserve currency. The Maker Constitution acknowledges the inherent resilience of decentralized systems like Bitcoin and Ethereum, which have withstood adversarial events and remain uncensorable.

Over the last week, the attacker of Euler Finance has released a total of $138 million which is 70% of the total amount stolen from the Euler Finance protocol. 

The attacker sent over 7,000 ether to Euler Tuesday and seemingly apologized for their actions in a transaction message.

On March 28, the Euler Finance attacker address sent a significant ETH amount to the Euler deployer address.

The exploiter originally drained $195 million worth of ETH and tokens from the protocol but has now returned around $138 million.

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed.

MakerDAO has voted to keep USDC as the primary collateral for Dai, rejecting a proposal to diversify into GUSD and USDP. The decision was made based on reduced risks from a cascading bank run in the US and USDC's return to a $1 peg.

In a recent vote, the MakerDAO [MKR] community reignited its trust in Circle [USDC]. The vote result showed that Maker would keep USDC as its primary reserve.

The MakerDAO community has voted to retain USDC as a key reserve for the DAI token despite recent turmoil for the Circle-issued stablecoin.

Leading decentralized finance protocol, MakerDAO [MKR], has proposed changes to its Peg Stability Module (PSM) operations in response to DAI's recent loss of parity with the US dollar. The proposal seeks community approval to adjust the PSM parameters.

In the past week, MakerDAO has experienced a drop in total value locked (TVL), the supply of DAI, and annualized fee income, signaling some potential trouble for one of the world's largest stablecoin issuers.

Following the collapse of SVB and the stablecoin saga, many have lost faith in crypto-backed stablecoins.

Definition The total amount of coins held on exchange addresses.

The Silicon Valley Bank collapse caused major stablecoin projects to de-peg, and some traders leveraged this to their advantage.

MakerDAO delegates are holding an emergency vote on a proposal by which to stabilize dai during market upheavals.

USDC briefly depegged last weekend when Circle announced it had exposure to Silicon Valley Bank. Investors flocked to these alternatives.

The supply of USDC shrank by 5% while the supply of DAI shot up, increasing to 6.3 billion from 5.1 billion since March 10.

A “desperate” cryptocurrency investor has paid well over $2 million in an on-chain trade to swap out of an investment offering them exposure to $USDC and the decentralized stablecoin $DAI and into $USDT, but only received $0.05 in return.

Andrey Shevchenko — the founder of decentralized finance (DeFi) protocol Zircon Finance — shared his view that MakerDAO's (MKR) so-called "decentralized stablecoin" DAI's (DAI) introduction of USD Coin (USDC) as collateral was an attempt to plug a hole in a flawed system.