MakerDAO’s DAI Stablecoin is Launching on Cosmos Ecosystem

From UST to DAI Stablecoin, Comos Looking to Fill The Gap

Following Terra’s $40 billion implosion last month, Cosmos took a hit as UST was the de facto stablecoin in Cosmos-based DEXes such as Osmosis, Junoswap, and Crescent. In Osmosis, for instance, many liquidity providers (LPs) were prevented from selling their UST positions due to the DEX providing strong incentives to lock liquidity for up to 14 days. Meanwhile, these LPs had to only watch helplessly as the value of their pool tokens was wiped off to nothing until an emergency governance proposal to remove UST kicked in.

In light of this, Cosmos stakeholders are now looking to fill that gap by bringing MakerDAO's DAI, the oldest decentralized stablecoin, with about $300 million in daily volume and a $6.5 billion market cap with a track record of five years. The stablecoin is already popular and integrated with over 20 different blockchain networks, including Solana, Fantom, and Polygon, according to data from DeFi Llama.