Stablecoin DAI Surges in Activity Driven by Complex MEV Trading

DAI stablecoin activity on Ether has increased dramatically in recent days, hitting its highest ever volume of $86 billion on April 17th. Previously, daily activity was less than $1 billion. The main driver behind this surge is complex MEV transactions, which include the use of Maker's Lightning Minting Module. The module allows users to cast DAI and pay a tip on the same trade. This mechanism has attracted arbitrageurs and MEV bots, for example, with nearly $1 billion in DAI volume in a single transaction.EigenPhi data shows that MEV bots made around $20,000 per day in profits from April 17-18, although the pace of activity has slowed down.The surge in DAI activity underscores the continued evolution and use of stablecoins in the crypto space.