According to Cointime, DAI, a stablecoin created and maintained on the Ethereum blockchain through a smart contract system called MakerDAO, is trading at $0.91 USD as of press time, with a 24-hour drop of 8.12%.

Dealing with a heavy sell off, the global digital asset market registered a broad recovery on Saturday morning. Bitcoin, Ethereum price jumped by 3% and 5%, respectively. However, the top stablecoins USDC, DAI, USDD witnessed a heavy depegging as the Silicon Valley Bank crisis continues to haunt the crypto market.

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MakerDAO’s DAI stablecoin could be due for a makeover.

MakerDAO, the governance token behind the fifth most popular stablecoin DAI, is contemplating an increase in its United States Treasury bond investments to $1.25 billion from its previous allocation of $500 million.

MakerDAO, the governance token behind the fourth largest stablecoin by market capitalization DAI, has decreased in trading volume by 37% and seen a 3.7% dip in token price over the last 24 hours.

Beosin Alert @BeosinAlert announced on Twitter that Cream Finance exploiter 0x70747df6ac244979a2ae9ca1e1a82899d02bbea4 swapped another 1m $DAI for 658 $ETH, transferred to 0xdece02a7c930d917d870ec8859434791f86d63c3 address and then to TradeOgre.  

MakerDAO recently announced the successful integration of Chainlink Automation. As the creator of DAI, the protocol has onboarded Chainlink to its Keeper Network.

Dai [DAI] is among the front-runners in the stable cryptocurrency market. By market capitalization, CoinMarketCap places it as the fourth-largest stablecoin and the seventeenth-largest cryptocurrency overall.

Leading MakerDAO community participants have proposed creating a liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.