Following the emergence of one prominent contributor, Ethereum broke its monthly stablecoin volume record in April. Indeed, the network volume last month was a significant increase over any month for the blockchain previously.
In April, Ethereum saw its monthly stablecoin volume reach a remarkable $1.12 trillion. Moreover, the majority of that landmark figure was contributed by DAI, whose participation in MEV transactions has accounted for a big part of the volume surge that Ethereum has enjoyed.
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Ethereum’s $1.2 Billion 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, typically fiat currencies like the US dollar. Moreover, their prevalence in the industry has been undeniable.
Yet, they seem to only be growing in prevalence, as Ethereum broke its monthly stablecoin volume record in April. According to data from The Block, this record-shattering month is connected 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 bringing about a surge in volume for Ethereum. The data shows that a single transaction added nearly a billion dollars in volume on its own.
DAI had been responsible for $636 billion in volume for the month of April. This was undoubtedly the primary stablecoin for Ethereum’s total on-chain volume, whose total reached $1.2 trillion for the first time.
Moreover, those figures are expected to continue to be impressive heading into the month of May. Not only was DAI impressive, but upcoming stablecoins are set to be important in the growth trajectory of the market.