• 28 May, 2024
News

MakerDAO Records Consistent Revenue Growth Despite Tanking TVL

Decentralized finance (DeFi) protocol MakerDAO recently posted a weekly revenue growth of over 47%. The DeFi protocol managed to grow its revenue despite witnessing an 11% drop in its total value locked (TVL) over the past month. Backed by a strong revenue and a dynamic ecosystem, MakerDAO emerged as a top DeFi protocol. 

According to data from on-chain analytics platform DeFiLlama, MakerDAO’s revenue went from $345,340 on September 27, to over $508,030 on October 4, 2023. Meanwhile, the DeFi protocol’s TVL went from $5.04 billion on September 5 to $4.49 earlier today. Additionally, the TVL of Savings DAI, the yield-bearing version of Maker’s DAI stablecoin, recently surpassed the $1 billion mark and reached as high as $1.67 billion earlier this month. 

The 5% Annual Percentage Yield (APY) that Maker offered to DAI holders was a contributing factor in attracting investors to the DeFi protocol. However, DeFiLlama’s algorithm predicted that the current APY of 5% could fall below 4% within the next four weeks. Based on Maker’s latest revenue figures, it would be safe to assume that the protocol would bring in more than $137 million annually. 

At the time of writing, Maker’s treasury held a little over $51 million. The treasury was dominated by Maker’s native token MKR, which made up 52.3% of the treasury. The protocol’s DAI stablecoin was the second largest holding, worth over $50 million. 

Data from CoinMarketCap showed that MKR had lost over 6% of its value over the past week. At press time, the token was trading at $1,468, with a 24 hour trading volume of more than $77 million. Meanwhile, the DAI stablecoin witnessed a 33% hike in its daily trading volume, which came in at $104 million. 

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