Unprecedented Stablecoin Volume Records Shattered by Ethereum (ETH) in April
- Ethereum experienced a record-breaking surge in stablecoin volume in April, with DAI accounting for the majority of the on-chain volume.
- The total monthly stablecoin volume on Ethereum has been on a steady rise for the past three months, with April’s surge breaking previous records.
- One significant transaction involving DAI added nearly $1 billion in volume, contributing to DAI’s supply growth.
Ethereum sees a record-breaking surge in stablecoin volume in April, with DAI leading the charge. The trend indicates a growing use of stablecoins in complex Miner Extractable Value transactions.
Record-breaking Stablecoin Volume on Ethereum
Ethereum, the world’s leading smart contract blockchain network, witnessed an unprecedented surge in stablecoin volume in April. This surge, which includes flash loan activity, has significantly boosted the figures. The total monthly stablecoin volume on Ethereum has been steadily rising for the past three months, marking a departure from months of relatively flat activity. The surge in April was particularly noteworthy, breaking previous records.
DAI Drives the Surge
As per TheBlock’s data, stablecoin DAI played a significant role in driving this surge, recording a volume of $636 billion in April alone. DAI’s volume accounted for the majority of the total on-chain volume for Ethereum stablecoins, which amounted to nearly $1.2 trillion for the month. The surge in DAI volume can be attributed to its increasing use in complex Miner Extractable Value (MEV) transactions, often involving flash loans. MEV transactions are complex transactions that exploit the order in which transactions are processed on Ethereum to extract value, and DAI has become a popular choice for such transactions.
