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Stablecoins In Smart Contracts, Axie Infinity Explodes, Uniswap Grows DEX Dominance

Jun 30, 2021 · 3 min read

By Jeremy Ong, and Ashwath Balakrishnan

Market Update

On a day that marks the monthly close, the market appears indecisive and rangebound even with strong performance across the board yesterday. Bearish and unsupportive takes on crypto in the house hearings did not help.

Stablecoin Circulating Supply % In Smart Contracts

DAI – the DeFi native stablecoin dominates the contest with 60% of circulating supply deposited into smart contracts. 2nd place goes to USDC with approximately 45%. Less than 20% of Tether in circulation are deposited into smart contracts on Ethereum, most likely due to its wide use as the de-facto stablecoin for transacting on centralized exchanges.

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