- MakerDAO launched a brand new token so as to add to its collateral
- Income generated elevated attributable to actual world property and plans to extend yields get authorized
MakerDAO, in a brand new proposal on 3 December, determined to extend the yields gained by DAI holders. Together with that, MakerDAO additionally added new tokens to their collateral. Thus, growing exercise within the protocol may result in extra curiosity within the DAO and have an effect on the MKR token.
💸 The Maker neighborhood began to debate a possible Dai Financial savings Fee (DSR) reactivation and ended up voting to approve a DSR improve to 1.00%
Maker is nearer than ever to connecting TradFi yields to DeFi!
→ https://t.co/25pJ9vKknp pic.twitter.com/9tKH9y9xz6
— Maker (@MakerDAO) December 3, 2022
     Learn MakerDAO’s [MKR] Value Prediction 2023-2024
New additions to MakerDAO
In one other tweet posted on 4 December, it was said that MakerDAO would add GnosisDAO’s token, GNO, to its record of collaterals. This may not solely assist MakerDAO diversify its collateral, however would additionally enhance the recognition of DAI as GnosisDAO goals to make DAI extra well-liked.
🦉 Maker Governance authorized @GnosisDAO‘s GNO governance token as collateral within the Maker Protocol!
→ https://t.co/mgMGXLleuD pic.twitter.com/DAspu7J0U8
— Maker (@MakerDAO) December 3, 2022
Regardless of diversifying their collateral into different spheres, many of the income that MakerDAO had generated had been attributable to real world assets (RWA). As might be seen from the picture under, actual world property accounted for over 50% of the income generated by MakerDAO.
Yields from stablecoins, Ethereum [ETH] and staked Ethereum [stETH] contribute to this income as properly. Thus, MakerDAO’s income sources had been unfold throughout a number of sectors, implying that the protocol was much less vulnerable to threat on the time of writing.
Supply: Dune Analytics
Coupled with that growth, MakerDAO agreed to extend the DSR (Dai Financial savings Fee) for its customers. This was executed to emulate the yields seen in conventional finance. The DAO’s proactive method to cut back threat publicity for its customers and makes an attempt to extend yields could enhance MakerDAO’s progress in the long run.
Nonetheless a protracted technique to go
MakerDAO’s whole worth locked (TVL) declined considerably over the previous month. On the time of writing, MakerDAO’s TVL stood at $6.65 billion.
Supply: Messari
The MKR token additionally had a tough month as MakerDAO’s community progress declined materially. This meant that the variety of new addresses transferred to MKR had declined.
Its velocity dwindled as properly, which indicated that the frequency at which MKR was being transferred had decreased. Alongside, its quantity fell from 31 million to 13 million in the identical interval.
Supply: Santiment
At press time, MKR was buying and selling at $641.08. Its costs had decreased by 0.29% within the final 24 hours, in keeping with CoinMarketCap.