- MakerDAO has announced a new proposal to remove REN BTC vaults
- While their real-world assets generated more revenue, TVL fell.
In a tweet dated 10 December, MakerDAO announced that they would be offboarding vault types that are more risky. If the new proposal is accepted, one of them would be REN BTC vaults.
All RENBTC A users should be reminded of this.
If the Executive Vote is not passed, the RENBTC–A vault type will be offboarded to the Maker Protocol.
— Maker (@MakerDAO) December 10, 2022
Read MakerDAO’s [MKR] Price Prediction 2023-2024
MakerDAO has new proposals
All RENBTC A positions with a collateralization rate below 5000% will be dissolved if the proposal passes. Users won’t be able to avoid liquidation unless they pay off their remaining DAI debt.
The crypto community may be open to the DAO’s proactive approach to ensuring the safety of its users.
MakerDAO also generated more revenue from real-world assets. At the time this article was written, 75% of total revenue MakerDAO was able to generate real-world assets.
This growth in revenue has rewarded DAO governance A yield of 1% DAI holders
This bear market has a rare exponential curve. @MakerDAO
RWA is now 75% (incl. GUSD rewards 🛠️
Governance also approved a 1% reward yield for DAI holders. 🎁🎄
Gradually, then suddenly. 🚀 https://t.co/KUPrEWXsde pic.twitter.com/Y2aMF3teWR— Sébastien Derivaux (@SebVentures) December 7, 2022
Despite growing revenues, MakerDAO’s Over the last week, total value locked has dropped significantly (TVL). The following information was available at press time MakerDAO‘s TVL stood at $6.34 Billion, according to data by DeFi Llama.
Source: Messari
The token is viewed from the side.
MakerDAO’s token, MKR wasn’t able to fare well either. Over the past month, the number of daily active addresses using the MKR token has declined by a significant amount. Furthermore, MKR’s velocity depreciated as well. An increase in velocity meant that MKR was less frequently being exchanged between addresses.
MKR’s token holders weren’t able to make any profits as well. As you can see, the profit ratio for transactions made in profit has decreased by a significant amount.
Source: Santiment
MKR’s token wasn’t able to garner interest from new addresses as well. Over the last 30 day, network growth for MKR’s token has declined. This indicated that MKR transfers to new addresses had declined.
Surprisingly, these factors are not a problem. MKR Large addresses saw a surge in interest starting on 14 November. Following this, interest remained steady for the last month.
This meant that large addresses were not affected by market volatility and maintained their faith in the token.
Source: Santiment
At the time this article was written, MKR It was trading at $612.35. In the last 24 hours, its price dropped by 0.32%.