Sorry, I saw on Coinmarketcap a market cap of around $4bn for DEI, which is about 25% of UST, or 2.5% of the entire USD stable coin "market" (while UST was about 10%). Is that what you meant?

https://coinmarketcap.com/currencies/dei/

That market cap is inaccurate because it doesn't represent the true supply.

Note the red explanation marks that indicate how the data is inaccurate.

https://www.coingecko.com/en/coins/dei-token has a better estimate.

At peak, DEI was only around $100 million or so. Compared to roughly $20 billion for UST.

You could also look at the volume. UST frequently had $500 million of volume each day. DEI only had a couple million at best. (Volume is of course also a flawed metric and can be faked, but the lack of effort in faking volume is a signal in and of itself.)

Interesting. Coingecko is basically reporting #(float) * price for a coin, while Coinmarketcap is reporting #(minted) * price. Neither of which feel perfectly accurate for token pricing, but do seem like reasonable high and low endpoints, with the gecko version closer to an estimate of 'other peoples money' involved in the coin.

Coinmarketcap isn't reporting the minted numbers. Coinmarketcap is just reporting the theoretical maximum in the protocol. It's a really bad estimate.

Oh, wow, really? That's even worse.

I just checked coingecko and the highest market cap Dei ever had was barely over $100 million