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- Among all DeFi protocols, MakerDAO generated the most revenue in 2023.
- This comes after TVL declined significantly and the DAI stablecoin briefly lost its peg.
MakerDao (MKR) has emerged as the highest-grossing decentralized finance (DeFi) protocol of 2023. Dipilama showed it
Source: DefiLlama
This surprising turnaround was fueled by the following factors: Increase The protocol’s DAI stablecoin supply and integration of real assets and U.S. Treasury bills (T-bills) provide returns as interest rates rise.
Maker has surpassed Lido in terms of revenue so far this year, despite being second only to Lido Finance (LDO) by total value locked (TVL). AMBCrypto found that Maker’s revenue has totaled $103 million since the start of the year.
On the other hand, Lido posted sales of $60 million during the same period.
MakerDAO’s journey to the “top”
At the beginning of the year, Maker was replaced by liquid staking protocol Lido as the leading DeFi protocol in terms of TVL.
This is due to an increase in Ethereum (ETH) staking activity in anticipation of Ethereum’s Shanghai upgrade, which brought liquidity to the protocol.
Maker’s problems became worse with the launch of the DAI stablecoin in March. suffered The depeg follows USD Coin (USDC) temporarily losing parity with the dollar due to the unexpected collapse of Silicon Valley Bank.
How much is 1,10,100 MKR worth today?
Prior to this event, MakerDAO’s Peg Stability Module (PSM) relied heavily on USDC to help stabilize the protocol’s DAI stablecoin at $1. According to data from DefiLlama, $2.4 billion USDC supported DAI within PSM in January.
However, Maker has reduced its reliance on stablecoins since USDC’s short depeg in March had a severe impact on DAI, causing it to lose dollar parity and shrink supply. By June, this figure had fallen by almost 80%.
As the years went by, Maker’s real estate equity (RWA) vertical grew. It is an on-chain variation of a traditional financial asset. Examples include real estate, bonds, stocks, merchandise, invoices, and accounts receivable.
By October, more than 65% of Maker’s fee revenue came from RWAs. However, starting in late October, profits from tokenized T-Bill products began to rebound. looks small It’s from RWA.
Source: Sand Analysis
At press time, Maker’s tokenized T-Bill product accounted for 52% of revenue, compared to just 6.1% for RWA.