1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue
Stablecoins have been ruling the crypto world since last year.
The total stablecoin supply is ready to hit $90 billion, up from $28 billion at the beginning of this year and $5.87 billion in January 2020.
DAI is a fully collateralized stablecoin native to Maker’s decentralized autonomous organization (DAO), whose supply has gone vertical this year, adding almost 4.5 billion to its supply after starting the year around a $1.1 billion market cap.
The surge in DAI supply first started in July 2020, around the time the DeFi mania took flight when it was just at $130 million. Now, in less than a fortnight, DAI has minted $1 billion.
Interestingly, Maker is earning 4% APY on every dollar of DAI in circulation right now.
Maker, the original DeFi protocol itself, is one of the most profitable decentralized finance projects whose revenue is increasing on a constant basis.
At the beginning of the year, Maker was earning just over $52k per day, and by the end of the same month, it had hit the $100k mark, which after constant increments is now earning almost $463k in revenue daily.
Maker (MKR) has been earning $400k in revenue per day since April 28th.
This has the monthly revenue of Maker hitting $10.45 million in April, up from $2.55 million in January, an increase of 310% YTD. Already, so far in May, the project has generated $3.55 million in revenue.
Popular DEX Uniswap (UNI) is leading with its $113 million revenue, followed by Compound (COMP) by $46 million last month. Both Sushiswap (SUSHI) and Aave (AAVE) also made it to the top DeFi earners list with $35 million and $24 million respectively.