First, lets see how the crypto market cap looked a year in the past

Lets explore the stablecoin created by the MakerDAO protocol back in 2015. And how has it fare over the past year

• Looking at we can see that there is some subtle correlation between Mints and ETH price rising up, the same as Repays amount rising when ETH price decreases. This could be due to people exiting their holdings or liquidations taking place.

• The market is 68% down from its highest point over the past year, with todays reaching price levels from August, 2021. Now total market cap its best to relied only as a general trend indicator.

• At first sight, the spike in mints and repays during December skews the data, when zoomed in, we can see that the Mint and Repaid amount remained close with no direct correlation with the total market cap.

• When zoomed at before December periods we can see that the biggest gap in Mint an repays is of 600 millions in may last year.

• When zoomed post December we can see that while correlated, the gaps between both havent been that consistent. Reaching a 1.4 billions in difference just this past 9, May.

• Worth noting that before December, the Minted amount was mostly above the repaid amount. But, after december the repaid amount has remain above the minted amount. Which could be a mix between the falling trend in the global market and liquidations taking place on the collaterals backing DAIs.

• 2021 was mostly a year for minting, with its amount constantly above repays amounts.

• During december the difference remained particularly close.

• 2022 started with a Global market fall, with the 14, of February declaring the today's trend, high repayment activity with a peak of 1.42 billions repaid in May, 9th.

• It does not appear to be a direct correlation between DAI price and DAI market movement. But at closer look, we can see instances were the amount Minted and Repaid were in correlation with the DAI price in relation to 1 USD. Possibly due to arbitrage opportunities.

SO

• DAI activity has been elevated these last days, with a record breaking amount of repayments.

• While it cant be summarized as just a product of the current Market trend, it cant be entirely discarted.

• I suggest to the reader to couple this analysis with a follow up on MakerDao fees program.