• MakerDAO witnesses increased revenue due to the popularity of its stablecoin DAI and the growing interest from whales in BTC.
• The success of RWAs also contributes to the growth of MakerDAO’s revenue.
• Monetalis Clydesdale vault drew an additional 560 million DAI, leading to a significant increase in debt.
MakerDAO Witnesses Increased Revenue
MakerDAO witnessed a spike in revenue due to the increasing interest in its stablecoin DAI from whales trying to accumulate Bitcoin [BTC]. The success of Real-World Assets (RWA) also contributed to MakerDAO’s overall revenue growth.
Whales Buying DAI
Whales have been closely monitoring the price range of $30k-$31k for Bitcoin, with many large investors observing this movement. These traders were swiftly accumulating stablecoins such as DAI at press time, possibly in an attempt to accumulate more BTC.
Debt Increasing at Monetalis Clydesdale Vault
Monetalis Clydesdale vault witnessed a significant increase in its debt, expanding from 500 million DAI to approximately 1.14 million DAI. In May alone, the vault successfully drew an additional 560 million DAI.
Increasing Interest from Institutional Players
With rising interest from institutional players like BlackRock , Bitcoin [BTC] has garnered substantial attention from whales which is likely why they are buying up more DAI.
Conclusion
Due to whale behavior and Real-World Assets (RWA) contributing to MakerDAO’s success, there has been an increase in popularity for the protocol’s stablecoin – DAI – as well as a rise in revenues for MakerDao itself.
