According to data from Makerburn.com, the supply of Maker DAI stablecoin has risen to its highest level in five months, reaching 5.36 billion
Numerous users, including well-known players in the decentralized finance (DeFi) industry like Justin Sun and OlympusDAO, have contributed to this significant growth. They are capitalizing on Maker deposits’ increased rewards.
Maker is an Ethereum-based protocol that issues the stablecoin DAI and is governed by the MakerDAO community, which consists of holders of MKR tokens.
As the DAI supply increased, the protocol’s annualized revenue reached a two-year high of 165.4 million. This suggests that Maker is currently earning about $165 million in fees each year.
In just one week, deposits into the DAI Savings Rate (DSR) of the protocol increased by roughly four times, from $340 million to $1.3 billion. The MakerDAO community’s decision to temporarily increase annual yields from 3.19% to 8% on August 6 is largely responsible for this increase.
Justin Sun, the founder of Tron, and wallets affiliated with OlympusDAO have also deposited sizable amounts — $148.5 million and $124.8 million in DAI respectively — to benefit from the higher yields.
Given that the protocol has a sizable exposure to U.S. government bonds, the increase in the short-term U.S. Treasury yield to a five-month high of 4.91% has also helped to increase the protocol’s revenue.
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