• MakerDAO’s treasury reserves overtook Lido and other protocols.
• However, Lido continued to outperform MakerDAO in other areas.

Over the last few months, MakerDAO lost the top position in terms of TVL to the Lido [LDO] protocol. With the launch of the Shanghai Upgrade and the subsequent rise of interest in staking, Lido has been seeing even more growth.

Realistic or not, here’s MKR market cap in BTC’s terms

Hidden treasures

Despite this, the treasury earnings of MakerDAO surpassed that of Lido. According to DeFi Llama, the overall treasury earnings of MakerDAO, excluding their own tokens, were $70.33 million at press time. The Lido protocol has not procured the same number of holdings in its treasury despite outperforming the latter on various fronts.

These treasury holdings of MakerDAO can be deployed to improve various aspects of the network.

Recently, the MakerDAO governance approved the proposal for onboarding GNO as a collateral asset in Spark Protocol. For the uninitiated, the Spark Protocol is the DAO’s debut offering and allows users to borrow or supply Ether [ETH], Staked ETH [stETH], DAI, and savings DAI at competitive rates.

This means that GNO tokens can now be used as collateral when borrowing stablecoins on the platform, potentially expanding the range of available assets and providing more flexibility for users seeking to engage in decentralized lending and borrowing activities.

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Author: Himalay Patel

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