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 by way of crypto-vaults on Spark.
A lot of MakerDAO’s market dominance all through the previous 12 months will be attributed to Spark, which has supplied excessive liquidity and aggressive borrowing charges for DAI – the biggest decentralized stablecoin. Spark is now the third-largest defi lending protocol relating to whole worth locked (TVL).
SparkLend retains the momentum going, right here’s the efficiency for the previous week:
Mainnet 🔷
• Equipped belongings are nearly $1 billion up from final week, presently at ~$5.65 billion.
• Borrowings stand at ~$1.69 billion.
• Accessible liquidity sits at practically $4 billion, presently… pic.twitter.com/kOc5KgXBgI
— Spark (@sparkdotfi) March 4, 2024
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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 significant income supply, contributing 10.3 million DAI.
Income from Actual-World Belongings (RWA) additionally performed a vital function, including 10.5 million DAI to the overall 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 very 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 big step in direction of a extra decentralized and environment friendly ecosystem.
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