Presentation made on March 5
Summary
Until end 2019, DAI was not so used (its market cap was below 20mn with daily volume below 2mn$).
Apart from borrowing DAI to leverage your positions (only ETH as Multi-Collateral Dai was implemented at end of November), there was no real utility and incentives to use DAI.
At this period it was still the early days of the big Ethereum bluechips of today: Compound, Aave, dYdX, Synthetix, etc. But it was not very popular to use them until the July-August 2020 period, also called the “Defi Summer”.
Nevertheless, Dai demand started to gain some traction from those protocols. The Dai supply was below 20mn in November and tripled in December to hit 70mn after the launch of the Dai Saving Rates (DSR).