On social media site X, formerly known as Twitter, MakerDAO shared updates about how their Ethereum-based protocol, which manages the DAI stablecoin through an algorithm, has been functioning since the latest modifications were implemented.
In the past three weeks, MakerDAO has introduced major modifications to its protocol and the DAI stablecoin.
Introducing the new Accelerated Proposal and Direct Deposit Module (D3M) into Spark’s Metamorpho Vault has significantly changed the way things operate here.
Increased DAI Supply And Demand
Based on an analysis of crucial performance indicators, the circulating supply of DAI now totals around 5 billion, marking a rise of roughly 300 million during the last month. This increase suggests that the demand for the stablecoin remains robust.
Instead of that, the Dai Savings Rate has seen a substantial rise following the application of the Accelerated Proposal.
Around 1.54 billion DAI are held in the Dai Savings Rate at present. About 976 million DAI out of this amount is stablecoins called sDAI. This is a rise of around 400 million DAI in deposits compared to before.
Approximately $8.4 billion worth of assets are secured in the Maker Protocol’s various vault types. The increase in value can be linked to smart deployments in D3M modules, substantial Ethereum collateral input, and the addition of real-world assets. These advancements have boosted the protocol’s versatility and robustness.
MakerDAO Ethereum Vaults Thrive
The Morpho DM3 is a significant new component of MakerDAO, allowing the Morpho Vault to generate DAI. At present, the lending pool has issued 200 million DAI.
Based on the post on the protocol, this allocation is expected to bring in around 50 million dollars in yearly income for the Maker Protocol, making it the second largest core vault in terms of annual fees. It will significantly boost the Protocol’s revenue generation and play a crucial role in ensuring its sustainability.
In the MakerDAO system linked to Ethereum, the ETH-C vault holds the most significant amount of cryptocurrency collateral, valued around $1.88 billion.
The vault brings in around $43 million each year in fees, highlighting its significance in the Maker system and its role in supporting the protocol’s income sources.
One significant aspect includes the Spark D3M, providing approximately 970 million DAI in total. This segment is anticipated to yield roughly 28 million dollars in yearly earnings.
The latest developments in the Maker Protocol have brought about several beneficial effects. The surge in DAI availability, rising Dai Savings Rates, diversification of collateral options, and emergence of various vault types are all significant contributors to the protocol’s advancement and expansion.
Although the MakerDAO platform has expanded, the value of its native token, MKR, has dropped by 5.9% over the last two weeks.
Over the past week, the token’s price has decreased by a notable 17%, leaving its current value at $3,355.
Despite the decrease in price, there are encouraging signs according to Token Terminal’s data. The protocol now has a market capitalization of $3.3 billion, marking a substantial 28% rise over the last month.
Furthermore, there has been a significant rise in trading activity for the MKR token, with a total volume of $5.9 billion recorded – a 119% jump compared to previous periods.
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2024-04-12 02:10