Thread by @tokenterminal

The return of @MakerDAO.

A monster thread 👇

1. MakerDAO’s market cap is below the DeFi average (calculated based on all L2 projects listed on Token Terminal).

2. MakerDAO’s market cap was more resilient than DeFi projects in general post the ICO craze.

3. The MKR token’s trading volume to market cap ratio is lower than for other DeFi projects on average.

4. The trading volume for MKR is on an upward trend (given that the market cap has stayed relatively constant).

5. In general, lending protocols have lower GMVs (borrow volume) and higher take rates (interest rate) than d’exchanges, where the GMV (transaction volume) & take rate (transaction fee).

6. The above explains why MakerDAO’s GMV is barely visible when compared with the DeFi average, which atm consist primarily of d’exchanges.

7. The majority of DAI outstanding is collateralised by ETH, tokenised BTC and centralised stablecoins.

8. ETH dominance as collateral has diminished over time as MakerDAO has added new assets to its collateral pool.

9. MakerDAO’s current GMV composition visualised as a pie chart.

10. MakerDAO’s historical GMV composition visualised as percentages.

11. In general, lending protocols have lower GMVs (borrow volume) and higher take rates (interest rate) than d’exchanges, where the GMV (transaction volume) & take rate (transaction fee).

12. MakerDAO operated the past 6 months by charging very little interest on DAI borrows.

13. As of recent, MakerDAO has raised interest rates across the board.

14. Notice the interest rate drop for both ETH and USDC at the end of March.

15. Having operated with little to no revenue for the past 6 months, MakerDAO is quickly bridging the gap to other DeFi projects.

16. Uniswap is currently responsible for pushing the DeFi average revenues higher (we’ll include median and business model based comps in the near future).

17. Majority of revenue for MakerDAO comes from centralised stablecoins and tokenised BTC (ETH had 0% interest rate until recently).

18. At the beginning of the year 2020, ETH was the #1 revenue-generating asset for MakerDAO (logical since there were few other collateral assets back then).

19. USDC dominance as a revenue-generating collateral is explained by high GMV + interest rate.

20. This historical chart shows how USDC and WBTC have increased their importance for MakerDAO during the past few months.

21. To date, the total interest paid on DAI is around $3M, which puts MakerDAO below its DeFi peers.

22. This historical cumulative chart shows the stagnation in revenue accrual over the past 6 months.

23. ETH still the top all-time revenue-generating asset for MakerDAO.

24. September has been a turning point for MakerDAO, both in terms of new assets added + revenue generated.

25. MakerDAO is performing well on a price-to-sales basis compared to the rest of DeFi.

26. This historical chart shows how the price has stayed relatively constant and the P/S ratio has been affected by whether MakerDAO has been able to charge interest on DAI or not.

fin/

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