Maker, a well-known decentralised finance (DeFi) platform, now generates an annualised revenue of over $165 million, which is a 2-year high.
Data from Makerburn.com, which at the time of writing also revealed that revenue had surpassed the high from November 2021 to reach its highest since May 2021, provided evidence of the substantial growth in revenue.
Data from the same website showed that the supply of DAI, the MakerDAO stablecoin tethered to the US dollar, increased to a 5-month high of 5.35 billion DAI.
The increase is the result of more people purchasing DAI to benefit from the increased interest rate on deposits offered by the Maker protocol, including prominent cryptocurrency figures like Justin Sun, founder of Tron.
Maker founder Rune Christensen informed his followers of the move two days after the Maker community accepted the higher deposit rate, which is now 8% annually.
“The reason the rate is so high is because so few individuals are now using the Dai Savings Rate; only roughly 8% of Dai holders use the DSR at this time. As a result, the Enhanced DSR system raises its rate to draw in additional users. The rate will decrease once more users join, the Maker creator said at the time.
Holders of DAI are given the opportunity to participate in the protocol’s earnings by depositing DAI through Maker’s Dai Savings Rate contracts.
Both yields on collateral deposits and fees paid by protocol users are sources of income.
Justin Sun and wallets linked to the decentralised stablecoin protocol OlympusDAO have deposited $148.5 million and $124.8 million worth of DAI, respectively, to take advantage of the raised interest rate, according to Makerburn.com’s Top Depositors list.