MakerDAO, Ethereum’s first defi lending protocol, has captured a 52% share within the ETH lending market.
The milestone was highlighted in Steakhouse Monetary’s MakerDAO Protocol Economics Report for January 2024, which revealed a 22% rise in ETH lending through crypto-vaults on Spark.
A lot of MakerDAO’s market dominance all through the previous 12 months may be attributed to Spark, which has offered excessive liquidity and aggressive borrowing charges for DAI – the most important decentralized stablecoin. Spark is now the third-largest defi lending protocol concerning complete worth locked (TVL).
The report particulars MakerDAO’s monetary efficiency, noting a gross month-to-month income of 20.8 million DAI in January 2024. Crypto vaults have been a serious income supply, contributing 10.3 million DAI.
Income from Actual-World Property (RWA) additionally performed a crucial function, including 10.5 million DAI to the whole regardless of a 14% lower in RWA publicity in comparison with December 2023.
The shift in direction of crypto-backed loans from treasury payments has been important to leveraging the market rally.
MakerDAO continues to evolve with its governance construction via the Endgame Plan, aiming to additional decentralize decision-making by introducing SubDAOs. Every SubDAO can have its governance token, course of, and workforce, marking a major step in direction of a extra decentralized and environment friendly ecosystem.