• Of all DeFi protocols, MakerDAO has seen the most revenue in 2023.
• This comes after it witnessed a significant TVL decline, and its DAI stablecoin briefly lost its peg.

MakerDao [MKR] has emerged as the decentralized finance (DeFi) protocol with the most revenue in 2023, data from DefiLlama has shown.

This remarkable turnaround was fueled by an increase in the protocol’s DAI stablecoin supply and its integration of real-world assets and U.S. Treasury bills (T-bills), providing it with yields from rising interest rates.

Despite being second to Lido Finance [LDO] in total value locked (TVL), Maker has surpassed Lido in terms of revenue so far this year.  AMBCrypto found that Maker’s revenue totaled $103 million since the year began.

On the other hand, Lido has generated $60 million in revenue within the same period.

MakerDAO’s journey to the “top”

At the beginning of the year, Maker was displaced by liquid staking protocol Lido as the leading DeFi protocol in terms of TVL.

This was due to increased Ethereum [ETH] staking activity in expectation of Ethereum’s Shanghai Upgrade, which drove liquidity to the protocol. 

Maker’s troubles were further aggravated in March when its DAI stablecoin Go to Source to See Full Article
Author: Abiodun Oladokun

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