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Home»DeFi»MakerDAO dominates Ethereum lending with 52% market share
DeFi

MakerDAO dominates Ethereum lending with 52% market share

2024-03-07No Comments2 Mins Read
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MakerDAO, Ethereum’s first defi lending protocol, has captured a 52% share in the ETH lending market.

The milestone was highlighted in Steakhouse Financial’s MakerDAO Protocol Economics Report for January 2024, which revealed a 22% rise in ETH lending via crypto-vaults on Spark.

Much of MakerDAO’s market dominance throughout the past year can be attributed to Spark, which has provided high liquidity and competitive borrowing rates for DAI – the largest decentralized stablecoin. Spark is now the third-largest defi lending protocol regarding total value locked (TVL).

SparkLend keeps the momentum going, here’s the performance for the past week:

Mainnet 🔷

• Supplied assets are almost $1 billion up from last week, currently at ~$5.65 billion.

• Borrowings stand at ~$1.69 billion.

• Available liquidity sits at nearly $4 billion, currently… pic.twitter.com/kOc5KgXBgI

— Spark (@sparkdotfi) March 4, 2024

You might also like: Biden-related meme coin surges 4,700% amid Super Tuesday results

The report details MakerDAO’s financial performance, noting a gross monthly revenue of 20.8 million DAI in January 2024. Crypto vaults were a major revenue source, contributing 10.3 million DAI.

Revenue from Real-World Assets (RWA) also played a critical role, adding 10.5 million DAI to the total despite a 14% decrease in RWA exposure compared to December 2023.

MakerDAO financial performance

The shift towards crypto-backed loans from treasury bills has been vital to leveraging the market rally.

MakerDAO continues to evolve with its governance structure through the Endgame Plan, aiming to further decentralize decision-making by introducing SubDAOs. Each SubDAO will have its governance token, process, and workforce, marking a significant step towards a more decentralized and efficient ecosystem.

See also  Ethereum-Based DeFi Altcoin Explodes Amid New Spike in Whale Activity: Analytics Firm Santiment

Read more: Spain blocks Sam Altman’s Worldcoin over data privacy concerns

Dominates Ethereum Lending MakerDAO market share
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bitcoin
Bitcoin (BTC) $ 117,937.60
ethereum
Ethereum (ETH) $ 3,738.82
xrp
XRP (XRP) $ 3.48
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 755.29
solana
Solana (SOL) $ 181.18
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.268801
staked-ether
Lido Staked Ether (STETH) $ 3,733.53
cardano
Cardano (ADA) $ 0.864011