Maker has regained its position as the top asset holding dapp with more than $1.9 billion of ethereum based assets now in DAI.
That’s an all time high, with it rising from $1.2 billion just two weeks ago, making this not far off from a doubling in just weeks.
Eth is now just one asset among many in Dai with it holding quite a bit of tokenized bitcoins (wBTC) as well as a lot of centralized stablecoins like USDC.
It now also has ERC-20 tokens like MANA, with some $1.9 billion in total backing some $900 million worth of DAI.
Unlike USDt which can be frozen or even reverted, dai is more like digital cash so there can’t be any interference with ownership save for under the code rules
In addition something like Tether is unauditable by the public, making it easy to engage in fractional reserve.
While dai is auditable by anyone as it’s all on the blockchain, but on the other hand it can be more vulnerable to bugs than a simple ERC-20 token.
However this has been running for nearing onto three years now without code related problems.