DAI Circulation Surpasses 5 Billion as MakerDAO Implements Key Updates
In a recent announcement on the social media platform X (formerly Twitter), MakerDAO, the Ethereum-based protocol responsible for issuing the DAI algorithmic stablecoin, shared insights into the performance of the Maker Protocol following recent changes.
Over the past few weeks, MakerDAO has rolled out significant updates to the protocol and the DAI stablecoin. Notable developments include the introduction of the Accelerated Proposal and the direct deposit module (D3M) to Spark’s Metamorpho Vault.
These updates have had a positive impact on the ecosystem, with the DAI supply in circulation currently reaching nearly 5 billion. This represents a growth of approximately 300 million over the past month, showcasing ongoing demand for the stablecoin.
Additionally, the Dai Savings Rate has significantly increased since the implementation of the Accelerated Proposal. Currently, around 1.54 billion DAI is deposited in the Dai Savings Rate, with approximately 976 million DAI in sDAI deposits. This marks an increase of roughly 400 million DAI in total deposits.
The Maker Protocol’s total value locked (TVL) has reached approximately $8.4 billion across various vault types. This growth can be attributed to strategic deployments in D3M modules, contributions from Ethereum-based collaterals, and the integration of real-world assets. These developments have strengthened the protocol’s diversification and resilience.
Within the MakerDAO ecosystem, the Morpho DM3 has been a notable addition, allowing the Morpho Vault to mint DAI. Currently, the lending pool has deployed 200 million DAI, projected to generate about 50 million in annual income for the Maker Protocol. This vault is the second-largest core vault in terms of annualized fees and plays a crucial role in generating revenue for the protocol’s sustainability.
Among the Ethereum vault types, the ETH-C vault stands out with the largest value locked in crypto collateral at approximately $1.88 billion. This vault generates around $43 million in annual fees, contributing significantly to the protocol’s revenue streams.
Another important component is the Spark D3M, supplied with around 970 million DAI. This module is projected to generate an annual income of approximately 28 million.
Despite the growth in the MakerDAO ecosystem, the native token MKR has experienced a continuous decline in price, decreasing by 5.9% over the past fourteen days. In the last seven days alone, the token has recorded a significant 17% price drop, currently trading at $3,355.
However, Token Terminal data reveals positive trends for the protocol. The Maker Protocol’s market capitalization has increased by 28% over the past 30 days, currently standing at $3.3 billion. Trading volume for the MKR token has also seen a substantial surge, reaching $5.9 billion, representing a 119% increase over the same time frame.
Overall, the recent updates have had a positive impact on the Maker Protocol, with increased DAI supply, growth in the Dai Savings Rate, expansion of collaterals, and the introduction of different vault types contributing to its growth and development.