Sky (MakerDAO) hits new highs in fees and revenue

December has been a breakthrough month for MakerDAO, with data from decentralized finance (DeFi) analytics platform DeFiLlama showing it set new records for fees and revenue.

According to the data, MakerDAO peaked at $40.86 million in fees, a key metric of user activity, and $26.77 million in revenue, which reflects retained earnings, between 1 December and December 31.

A historic month for MakerDAO

2024 has also been the crypto lending protocol’s best year since its inception, with around $304 million in fees and over $174 million in revenue. At that time, the highest amount recorded for the shares was in April, when the protocol received 32.62 million dollars, while its best month in terms of turnover was November when it earned 18, 91 million dollars.

However, December’s numbers topped those numbers by $8.24 million and $7.86 million, respectively, setting a new precedent for the platform.

Interestingly, MakerDAO also saw its highest single-day performance on December 9, bringing in $1.67 million in taxes and $1.18 million in revenue. These gains have been driven primarily by interest payments on loans made in the protocol’s DAI stablecoin, reflecting growing demand for its lending services.

In August, the platform announced that it would rebrand to Sky after two years of development aimed at adding new functionality and improving user interactions. It also introduced two new cryptocurrencies: USDS, a stablecoin that users could convert from their existing DAI holdings, and a new government token called SKY.

USDS has also launched on Solana as a native DeFi stablecoin. The network has the second largest decentralized financial ecosystem after Ethereum, with around $8.5 billion locked up in its DeFi projects.

MKR market performance

Elsewhere, Maker native asset MKR experienced a less-than-impressive December. According to data from CoinGecko, the token lost 16.8% of its value over the past 30 days, with its worst performance coming in the previous two weeks, where it fell more than 21%.

In the last 24 hours, its price fluctuated between $1,488 and $1,547, finally settling at $1,522. The current price is 1.1% below its previous level yesterday and remains more than 75% below its all-time high recorded in May 2021. However, it is still showing good activity of the market, with its last one-day trading volume of $113.1 million. helping it maintain significant value with a market cap of $1.37 billion.

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