The return of MakerDAO

Biweekly newsletter no. 8

The recent spike in interest rates (stability fees) for DAI make MakerDAO an interesting project to look at from a revenue perspective.

The trend is clear: MakerDAO’s revenues are on an upward trend. 

Multi-collateral Dai (MCD) launched in November 2019

MCD collateral assets and their inclusion dates:

  • ETH, BAT — November 2019

  • USDC-A — March 2020

  • WBTC — May 2020

  • TUSD, USDC-B, ZRX, KNC — June 2020

  • MANA — July 2020

  • PAX, USDT, LRC, COMP, LINK — September 2020

Note: The ‘DeFi average’ data in the charts is calculated based on all L2 projects currently listed on our site. The charts below are based on annualised metrics (calculated as 30-day moving averages) to avoid short-term volatility.


Market cap

What is MakerDAO valued at?


Token trading volume to market cap ratio

How reliable is the MKR token's price discovery?


Gross merchandise volume (GMV)

What is the outstanding borrow volume on MakerDAO?


Take rate

What interest rates are borrows charged on MakerDAO?


Revenue

What is the total revenue (GMV * Take rate) generated by MakerDAO?


Price to sales ratio (P/S)

How is MakerDAO valued in relation to its revenues?


For the past month, we’ve been working on a new product that enables our users to go beyond the metrics visible on the Token Terminal website. 

Initially, the new product will include similar charts (as shown above for MakerDAO) for all projects listed on our site, with new projects added constantly. By working directly with the projects and their investors, our goal is to create a standard for how crypto protocols are evaluated. 


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