Use of the ethereum-based stablecoin Dai continues to grow, according to data from Maker Dao, with new records set in recent months. In May, users set a new high by transferring 1.4 billion Dai.

Maker pointed to the amount of Dai held in so-called decentralized applications (or dapps) as evidence of growth. It recently reached an all-time high according to the smart contract platform. However, Maker reported the distribution of Dai among dapps continues to vary.

Ethereum users are utilizing Dai for a variety of purposes, with decentralized exchange leading the pack, accounting for 70% of transfer volume, according to the report. Trades are mainly made on Eth2Dai, but Uniswap and Kyber are growing more popular. Overall, Maker found Dai usage increased by 20% each month since March 2019.

However, decentralized lending is also a growing space for Dai, according to Maker. Lending on platforms like Nuo, Dharma, dYdX and Compound accounted for 13% of Dai activity.

Maker also reported that its protocol has generated 325 million Dai, which were created during withdrawals and creation of CDPs. This Dai must be repaid, and so far users have paid back 243 million. The remaining 82 million Dai are collateralized with about $433 million worth of Ether.