Maker

According to&nbsp;<a href="https://makerburn.com/#/" target="_blank" rel="noreferrer noopener">data</a>&nbsp;from Makerburn.com, the supply of&nbsp;Maker <a href="https://coinmarketcap.com/currencies/multi-collateral-dai/" target="_blank" rel="noreferrer noopener">DAI</a>&nbsp;<a href="https://coinmarketcap.com/alexandria/glossary/stablecoin" target="_blank" rel="noreferrer noopener">stablecoin</a>&nbsp;has risen to its highest level in five months, reaching 5.36 billion 
Numerous users, including well-known players in the&nbsp;<a href="https://coinmarketcap.com/alexandria/glossary/defi" rel="noreferrer noopener" target="_blank">decentralized finance</a>&nbsp;(DeFi) industry like Justin Sun and OlympusDAO, have contributed to this significant growth. They are capitalizing on Maker deposits’ increased rewards. 
<a href="https://coinmarketcap.com/currencies/maker/" rel="noreferrer noopener" target="_blank">Maker</a>&nbsp;is an Ethereum-based protocol that issues the stablecoin DAI and is governed by the MakerDAO community, which consists of holders of&nbsp;<a href="https://coinmarketcap.com/currencies/maker/" rel="noreferrer noopener" target="_blank">MKR</a>&nbsp;tokens. 
As the DAI supply increased, the protocol’s annualized revenue reached a two-year high of 165.4 million. This suggests that Maker is currently earning about $165 million in fees each year. 
In just one week, deposits into the DAI Savings Rate (DSR) of the protocol increased by roughly four times, from $340 million to $1.3 billion. The MakerDAO community’s decision to temporarily increase annual yields from 3.19% to 8% on August 6 is largely responsible for this increase. 
Justin Sun, the founder of Tron, and wallets affiliated with OlympusDAO have also deposited sizable amounts — $148.5 million and $124.8 million in DAI respectively — to benefit from the higher yields. 
Given that the protocol has a sizable exposure to U.S. government bonds, the increase in the short-term U.S. Treasury yield to a five-month high of 4.91% has also helped to increase the protocol’s revenue. 
As a CMC Media VIP, Micky will keep following the&nbsp;<a href="https://coinmarketcap.com/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>’s 2023 Crypto Playbook&nbsp;– so stay tuned! 
Read&nbsp;the news about new Hedera-based project Dropp&nbsp;<a href="https://micky.com.au/hedera-hashgraph-based-dropp-project-featured-in-fednow-service-provider-list-hbar-soars-17/">HERE</a>. 
The post <a rel="nofollow" href="https://micky.com.au/maker-dai-draws-in-165m-in-revenue-as-interest-rates-increased-hitting-a-2-year-high/">Maker (DAI) Draws In $165M in Revenue as Interest Rates Increased, Hitting a 2-Year High</a> appeared first on <a rel="nofollow" href="https://micky.com.au">Micky</a>.

Maker (DAI) Draws In $165M in Revenue as Interest Rates Increased, Hitting a 2-Year High

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