In less than 3 months, @USDai_Official reached over $580m in TVL, making it the second-largest protocol on @arbitrum. All of this while their TVL is currently capped. Also interesting to observe is that for now, most of the reserves are in US-tbills (99.8%), with @0xZergs highlighting the complexities of purchasing GPUs at scale, but also that more is in the works there. Demand for USDai was so high that, for a time, it broke the peg and traded as high as $1.05. I'm personally excited to see what happens once they increase capacity and remove the cap. They could easily become the biggest protocol on Arbitrum by TVL then 👀