MakerDAO hits this crucial milestone; will MKR mirror the sentiment?
Stablecoin issuer MakerDAO [MKR] achieved a significant milestone recently which was sure to bring cheers to members of the decentralized autonomous organization (DAO). According to data from makerburn, Makers annualized fee revenue hit $94.87 million at the time of publication. This was the highest since mid-February 2022. As indicated in the graph below, the growth has been more pronounced over the last two months with the fee income more than doubling in the same time period. Moreover, the annual profit estimate went past $60 million. Basahin ang Prediction ng Presyo ng Maker [MKR] 2023-2024 This could be the ‘why’ Ayon sa isang analyst from DeFiLlama, the primary reason behind the surge in Maker‘s top line and the bottom line was the interest income earned from the U.S. Treasury bonds. These bonds were purchased by using the protocol’s Peg Stability Module (PSM) USDC. The PSM enables DAI–USD Coin [USDC] swaps at a 1:1 fixed ratio and backs minted DAI with deposited USDC. It should be recalled that the proposal to increase holdings of U.S. treasury bonds was passed by the DAO members in March. This aim was to diversify Maker‘s collateral portfolio. The ecosystem’s crypto-collateralized stablecoin DAI depegged from $1 after its primary collateral USD Coin lost