{"id":320498,"date":"2023-06-15T06:00:02","date_gmt":"2023-06-15T00:30:02","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=320498"},"modified":"2023-06-15T09:10:19","modified_gmt":"2023-06-15T03:40:19","slug":"makerdao-hits-this-crucial-milestone-will-mkr-mirror-the-sentiment","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/makerdao-hits-this-crucial-milestone-will-mkr-mirror-the-sentiment\/","title":{"rendered":"Can MKR mirror the sentiment of its coming update"},"content":{"rendered":"<ul>\n<li><em>MKR stood in a positive place as it surged by 2.8% in the last 24 hours.<\/em><\/li>\n<li><em>Over the last month, Maker&#8217;s TVL recorded a drastic fall of 15.8%.<\/em><\/li>\n<\/ul>\n<p>Stablecoin issuer <a href=\"http:\/\/ambcrypto.com\/as-makerdao-aims-for-incognito-mode-mkr-reacts-by\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">MakerDAO [MKR]<\/a> achieved a significant milestone recently which was sure to bring cheers to members of the decentralized autonomous organization (DAO).<\/p>\n<p>According to data from <a href=\"https:\/\/makerburn.com\/?continueFlag=22783de146e77a59faa4664ef13ba7a0#\/charts\/revenue\" target=\"_blank\" rel=\"noopener\">makerburn<\/a>, Maker&#8217;s annualized fee revenue hit $94.87 million at the time of publication. This was the highest since mid-February 2022.<\/p>\n<p>As indicated in the graph below, the growth has been more pronounced over the last two months with the fee income more than doubling in the same time period. Moreover, the annual profit estimate went past $60 million.<\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker.jpg\"><img decoding=\"async\" class=\"aligncenter size-large wp-image-320503\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-1024x249.jpg\" alt=\"\" width=\"740\" height=\"180\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-1024x249.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-300x73.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-768x187.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker.jpg 1255w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/maker-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Maker\u2019s [MKR] Price Prediction<\/a>\u00a02023-2024<\/p>\n<hr \/>\n<h3>This could be the &#8216;why&#8217;<\/h3>\n<p>According to an <a href=\"https:\/\/twitter.com\/0xngmi\/status\/1668399103426822145?s=20\" target=\"_blank\" rel=\"noopener\">analyst<\/a> from DeFiLlama, the primary reason behind the surge in Maker&#8217;s top line and the bottom line was the interest income earned from the U.S. Treasury bonds. These bonds were purchased by using the protocol&#8217;s Peg Stability Module (PSM) USDC. The PSM enables DAI-USD Coin [USDC] swaps at a 1:1 fixed ratio and backs minted DAI with deposited USDC.<\/p>\n<p>It should be recalled that the proposal to increase holdings of U.S. treasury bonds was <a href=\"https:\/\/vote.makerdao.com\/polling\/QmNTSr9j\" target=\"_blank\" rel=\"noopener\">passed<\/a> by the DAO members in March. This aim was to diversify Maker&#8217;s collateral portfolio. The ecosystem&#8217;s crypto-collateralized stablecoin DAI depegged from $1 after its primary collateral USD Coin lost its dollar peg during the March banking crisis.<\/p>\n<p>Currently, Maker&#8217;s fee revenue is distributed to MKR tokenholders. These holders use it for funding the protocol&#8217;s operational costs and buying and burning MKR tokens to dilute the supply.<\/p>\n<h3>Concerns still persist<\/h3>\n<p>At the time of writing, Maker had a total value locked (TVL) of %5.77 billion. Furthermore, it was the second-largest DeFi protocol. However, the project was going through a lean patch. Over the last month, the TVL recorded a drastic fall of 15.8%, the highest monthly drop observed across the top 1o DeFi platforms, according to <a href=\"https:\/\/defillama.com\/\" target=\"_blank\" rel=\"noopener\">DeFiLlama<\/a>.<\/p>\n<figure id=\"attachment_320536\" aria-describedby=\"caption-attachment-320536\" style=\"width: 762px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/MakerDAO-1.jpg\"><img decoding=\"async\" class=\"size-full wp-image-320536\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/MakerDAO-1.jpg\" alt=\"\" width=\"762\" height=\"478\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/MakerDAO-1.jpg 762w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/MakerDAO-1-300x188.jpg 300w\" sizes=\"(max-width: 762px) 100vw, 762px\" \/><\/a><figcaption id=\"caption-attachment-320536\" class=\"wp-caption-text\">Source: DeFiLlama<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 MKRs worth today<\/p>\n<hr \/>\n<p style=\"text-align: left;\">On expected lines, governance token MKR responded positively to the news of the surge in revenue. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/maker\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, the coin exchanged hands at $655.79, an increase of 2.8% in the 24-hour period.<\/p>\n<p>However, on-chain activity didn&#8217;t reflect the positive sentiment. Data from Santiment highlighted that after the steep rise on 10 June, new addresses and activity of the existing addresses dipped dramatically.<\/p>\n<figure id=\"attachment_320537\" aria-describedby=\"caption-attachment-320537\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023.png\"><img decoding=\"async\" class=\"size-large wp-image-320537\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-1024x347.png\" alt=\"\" width=\"740\" height=\"251\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Maker-MKR-17.48.47-14-Jun-2023-2048x693.png 2048w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-320537\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Maker&#8217;s annualized fee revenue hit $94.87 million at the time of publication, the highest since mid-February 2022.<\/p>\n","protected":false},"author":70,"featured_media":320500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4,20],"tags":[4459,4125,187],"class_list":["post-320498","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-social","category-trading-view","tag-maker-mkr","tag-maker-dao-tvl","tag-makerdao"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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