According to data disclosed by Tom Wan, an on-chain data analyst at 21co, Maker DAO’s sDAI has gained huge traction since its launch.
It allows DAI depositors to earn 8% interest while retaining liquidity (very similar in concept to LST) Currently, it is the seventh largest stablecoin on Ethereum.
The circulating supply of sDAI has increased by 54% over the past week, over 573 million DAI has been deposited into the sDAI contract, and $556 million in sDAI has been minted.