If you are a close follower of the stablecoin market, then you might have noticed a significant uptick in DAI activity on Ethereum over the last few days. 

On both April 17 and April 18, DAI did over $50 billion in transfers on-chain, with the $86 billion of volume on April 17 marking the highest day of volume for the stablecoin ever.

It was a sharp jump compared to the often less than $10 billion of activity we had seen earlier in the month.

But we have talked about DAI before in the context of its on-chain volumes growing. From December 2022 through October 2023 it was more common to see at most $5 billion of DAI activity a day, but DAI volumes then began to pick up as the stablecoin was increasingly being used in complex MEV transactions.

Chart courtesy of The Block Pro

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