Ethereum
Ethereum Breaks Stablecoin’s Monthly Volume Record in April
Following the emergence of a prominent contributor, Ethereum broke its monthly stablecoin volume record in April. Indeed, network volume last month represented a significant increase over all previous months for blockchain.
In April, Ethereum saw its monthly stablecoin volume reach a remarkable $1.12 trillion. Additionally, the majority of this historic figure was contributed by DAI, whose participation in MEV transactions accounted for a large portion of the volume increase that Ethereum enjoyed.
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Ethereum’s $1.2B stablecoin volume in April is a new record
The digital asset market has seen a lot of potential in the ever-growing stablecoin market. Indeed, these cryptocurrencies are backed by real assets, generally fiat currencies like the US dollar. Additionally, their prevalence in the industry is undeniable.
Yet their prevalence appears to only be increasing, as Ethereum broke its monthly stablecoin volume record in April. According to data from The blockthis record month is linked to the presence of flash loan activity, which catapulted the figure.
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Data shows that DAI’s involvement has been a huge catalyst in increasing Ethereum’s volume. Data shows that a single transaction alone added nearly $1 billion in volume.
DAI was responsible for $636 billion in volume for the month of April. It is undoubtedly the leading stablecoin by total on-chain volume of Ethereum, the total of which reached $1.2 trillion for the first time.
Additionally, these numbers should continue to be impressive as we head into May. Not only was DAI impressive, but upcoming stablecoins are expected to play an important role in the market’s growth trajectory.