Defi and algorithmic stable coin demand increases in 2021 despite great centralized competitors- Defi

On Wednesday, October 13, 2021, the market capitalization of all existing stable coins is around $ 134 billion, which corresponds to $ 5.60% of the total crypto economy of $ 2.4 billion. While centralized StableCoin projects dominate the package of dollar-bound tokens, a large number of decentralized stable coins have settled in these centralized competitors. Algorithmic or defi-stylized StableCoin market capitalizations accumulated billions of dollars last year.

During Tether and USD Coin they darken the market, algorithmic defi tablecoins still shine

HALTSEID ( usdt ) is one of the oldest and largest stable coins after market capitalization, while the second largest stage rating . belongs to coin (USDC). Data from Coingeckos StableCoin-by-Market-CAP metrics show that on October 13, StableCoin assets of $ 134 billion are available. A large part of these agents belongs to Tether and USD Coin like Usdt has a market capitalization of around 70.9 billion US dollar and USDC has over 33.3 Billions of US dollars.

Despite controversial discussions about the support of some of these large StableCoin markets, they are the market leader when it comes to dollar-bound tokens. Both usdt and USDC together 77.61 % of the stablecoin economy of 134 billion US dollar. However, decentralized competitors who support their own stable coins in a variety of ways have started to see their market capitalization.

Terra USD, Magic Internet Money, Liquidity USD, FEI rise from Makerdao

terra USD (VAT) is also an algorithmic stable coin and its market capitalization is $ 2.7 billion today below that of the DAI. Another decentralized stable coin called Magic Internet Money (MIM) follows VAT, which has a market rating of $ 1.5 billion on Wednesday. The most active trading platform, which today exchanges mim-token, is the decentralized stock exchange (Dex) Trader Joe. Similar to other decentralized StableCoin projects, Magic Internet Money is issued by users of the Abracadabra.Money credit protocol.

The ninth largest stable coin limit, which is held by liquidity USD (LUSD), is now around $ 658 million and uniswap V3 is the most active stock exchange of the stable coin. Lusd is issued by Liquity Protocol, another decentralized financing protocol (Defi credit protocol). There is also the Defi Stable Project called Fei, which outputs a stable coin called FEI, like the algorithmic stablecoin dai. The market capitalization of FEI is $ 543 million on Wednesday and a 24-hour trading volume of $ 79 million.

The above-mentioned decentralized or algorithmic stable coins that are not supported by a company that offers audits and produced by the crypto community accounted for 8.95% of today's StableCoin market capitalization. That is only $ 12 billion of the stable coins worth $ 134 billion in circulation today. For now and for some time it has been very likely that centralized competitors such as USDC and USDT is not replaced. However, many of these algorithmic or defi-stylized stable coins have become top candidates on the market and have made a name for themselves without corporate support and little controversy.

What do you think about today's StableCoin market and the 8.95% of defic and algorithmic stable coins that have recently made progress in crypto economy? Let us know your opinion on this topic in the comments below.

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