As an analyst with years of experience in the crypto space, I must say December 2024 was nothing short of spectacular for MakerDAO. The platform’s historic achievements in fees and revenues are truly remarkable, especially considering its humble beginnings. It’s fascinating to witness such growth and maturity in a project that initially seemed like a bold experiment in decentralized finance.
However, it’s worth noting that MakerDAO’s native token, MKR, seems to be playing a game of catch-up. While the platform is setting new records, MKR’s performance last month was less than impressive. But then again, in the world of cryptocurrencies, it’s often the case that the most innovative projects outshine their own tokens!
On a lighter note, I can’t help but chuckle at the irony. Here we have MakerDAO breaking records with its DAI stablecoin, while its native token, MKR, is showing more volatility than a rollercoaster at an amusement park. It seems that sometimes, even in the world of decentralized finance, the old adage “Don’t count your chickens before they hatch” rings true!
This past December witnessed remarkable progress for MakerDAO, as evidenced by data from the decentralized finance (DeFi) analytics platform DeFiLlama, indicating that it surpassed previous records in terms of fees and income.
Between December 1st and December 31st, MakerDAO saw its user activity fee peak at an impressive $40.86 million, while its retained earnings, or revenue, amounted to $26.77 million during the same period.
A Historic Month for MakerDAO
2024 marked a record-breaking year for the crypto lending protocol, with earnings reaching approximately $304 million in fees and over $174 million in total revenue. The highest fee collection took place in April, totaling around $32.62 million, while November brought in the most revenue at roughly $18.91 million.
Instead, December’s figures surpassed both previous records by an impressive $8.24 million and $7.86 million, establishing a new benchmark for the platform.
Notably, MakerDAO achieved its best one-day yield on December 9, generating approximately $1.67 million in fees and $1.18 million in income. This revenue surge is largely due to interest accrued from loans issued via the platform’s DAI stablecoin, indicative of growing interest in their lending offerings.
Back in August, I was thrilled to learn about the platform’s decision to rebrand as Sky, a transformation that had been two years in the making with a focus on enhancing features and enhancing user experiences. What made this news even more exciting was the introduction of two new cryptocurrencies: USDS, a stablecoin that allowed me to swap from my existing DAI holdings, and SKY, a brand-new governance token designed to give me a say in the platform’s future decisions.
US Dollar Stablecoin (USDS) is now available on the Solana blockchain, serving as a native digital currency for DeFi applications. This network boasts the second-largest Decentralized Finance (DeFi) ecosystem globally, following Ethereum, with approximately $8.5 billion worth of assets locked into its DeFi projects.
MKR’s Market Performance
In other locations, Maker’s native asset MKR had a relatively disappointing December performance. Based on statistics from CoinGecko, the token saw a decrease of approximately 16.8% in value over the past month, with its steepest drop occurring within the last two weeks, where it fell by over 21%.
Over the past day, the price varied from $1,488 to $1,547 and ended up at $1,522. This represents a 1.1% decrease compared to its price yesterday. Despite this, it’s still over 75% lower than its peak in May 2021. Yet, it demonstrates robust market activity, with a one-day trading volume of approximately $113.1 million, keeping its market value substantial at around $1.37 billion.
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2024-12-31 01:36