LD Capital: MakerDAO Status Update

LD Capital: MakerDAO Update

MakerDAO’s universal lending protocol, SBlockingrk Protocol, officially launched on May 9th and has been in operation for over a month. LD Capital has written an article reviewing the recent changes in MakerDAO, including the current status of SBlockingrk Protocol, DSR rate adjustments, shift towards collateralizing assets with USDC, updates to The Endgame roadmap, and the scale of RWA business.

Current Status of SBlockingrk Protocol: The current TVL is $29.69 million, with DAI and wstETH having the highest asset supply. Since Maker announced the increase in DSR interest rates, the asset supply has increased by over 110%, but the lending scale is only around $6 million with a utilization rate of 17%. As a new protocol, although SBlockingrk has the endorsement of MakerDAO, its initial asset attractiveness was not strong, and TVL surged only after the DSR adjustment. Currently ranked 11th in Ethereum lending protocols, TVL is only 0.2% of Aave.

DSR Interest Rate Adjustment: On June 16, the Maker community proposed to raise the Dai Savings Rate (DSR) from 1% to 3.49%, which officially took effect on June 19. The DAI scale within DSR increased from 110 million to 130 million in one day and is still growing at a slower pace. In the past week, DAI supply has increased by about 68 million, with the current total supply reaching 186 million.

Collateralizing Assets to “USDC”: MakerDAO’s current TVL scale is $7.7 billion, with ETH-A and stETH-A being the largest types of collateralized assets. After the USDC anchor event on March 8, MakerDAO attempted to diversify its balance sheet. Currently, USDC’s market share has dropped to around $440 million, a decrease of 80%; stETH, as a collateral for DAI, has increased from $650 million to $1.1 billion, an increase of nearly 80%. In addition, the Maker community has passed two proposals in succession. One is to reduce the GUSD debt ceiling from $500 million to $110 million, and the other is to reduce the USDP debt ceiling from $500 million to 0. It can be seen that the Maker community aims to reduce the potential threat of centralized stablecoins to the protocol and is gradually implementing the “Endgame plan.”

The Endgame Roadmap Update: On May 12, 2023, Rune Christensen, co-founder of MakerDAO, posted a major update on The Endgame roadmap on the community forum, aiming to “improve efficiency, flexibility, and participation,” using AI tools to assist in building governance processes, refining and clarifying phased tasks in previous plans. The roadmap is divided into five stages: 1) Branding overhaul; 2) SubDAO launch; 3) AI governance tools release; 4) Governance incentive measures launch; 5) Release NewChain and achieve the final Endgame state.

RWA Business Scale: The current locked asset value of RWA is about $1.6 billion, with a DAI supply scale of $1.4 billion. MakerDAO initially purchased $500 million in bonds in October 2022 and purchased over $700 million again in June 2023. The RWA business scale accounts for only 20.7% of MakerDAO but its revenue of $53 million accounts for 45% of the total revenue ($118 million). RWA is the most important source of revenue for MakerDAO, with US bonds being the largest source of revenue. Therefore, MakerDAO has increased its US bond holdings again to maximize revenue.

Reference: https://ld-capital.medium.com/makerdao现状更新-291d75494aa1

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