According to CryptoPotato, the crypto market has been showing a stable trend since mid-March, but MakerDAO's MKR token has experienced a roller coaster-like fluctuation. Since the beginning of the year, the crypto asset has risen by a staggering 200%, reaching its highest level since May 2022 this week. In addition, MKR has risen by about 50% in less than a month.
According to DeFi researcher Thor Hartvigsen, MakerDAO's revenue surge has made it the highest-earning protocol in the DeFi ecosystem, with annualized revenue currently at $193 million. These revenues come from interest paid by DAI stablecoin minters on on-chain collateral and real-world asset (RWA) collateral such as U.S. Treasuries. Analysts point out that the expansion of DAI supply and better interest rates on U.S. Treasuries have driven revenue growth. In addition, the DAI Savings Rate (DSR) has surged, incentivizing users to hold DAI rather than non-interest-bearing stablecoins such as USDT and USDC. Currently, the DSR is 5%, which is much higher than the interest rate obtained by holding other stablecoins on DeFi platforms.
