Sky (MakerDAO) Hits New Highs in Fees and Revenue

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

According to the data, MakerDAO hit a high of $40.86 million in fees, a key measure of user activity, and $26.77 million in revenue, reflecting retained earnings, between 1 and on December 31.

A historic month for MakerDAO

2024 was also the crypto lending protocol’s best year since its inception, generating approximately $304 million in fees and over $174 million in revenue. At that time, the highest recorded amount for fees was in April, when the protocol received $32.62 million, while its best month in terms of revenue was November with $18.91 million .

However, December’s numbers surpassed both figures 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, generating $1.67 million in drawdowns and $1.18 million in revenue. These profits primarily come from interest payments on loans made on the protocol’s DAI stablecoin, reflecting growing demand for its lending services.

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

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

MKR Market Performance

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

Over the past 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 still shows healthy market activity, with its latest trading volume on a day of 113.1 million dollars. helping it maintain significant value with a market capitalization of $1.37 billion.