MakerDAO announced a new proposal that would remove REN BTC vaults
Their revenue through real-world assets increased, but TVL fell
In a tweet from December 10, MakerDAO revealed that they would leave several vault types exposed to risk. One of these would be REN-BTC vaults if the new proposal is passed.
This is an important reminder for all RENBTC-A users.
The RENBTC-A vault type will be moved out of the Maker protocol if the currently active Executive Vote succeeds.
↓https://t.co/sKPlF5vzFu
— Maker (@MakerDAO) December 10, 2022
Read MakerDAOs [MKR] Price prediction 2023-2024
New proposals on MakerDAO
If the proposal succeeds, all RENBTC-A positions with a collateral ratio of less than 5000% will be liquidated. Users cannot avoid liquidation unless they pay off their remaining DAI debt.
This proactive approach by the DAO to ensure the safety of its users could be welcomed by the crypto community.
The amount of revenue generated by MakerDAO from real world assets also increased. At the moment of writing, 75% of all income generated by MakerDAO was via real world assets.
This revenue growth rewarded DAO governance a yield of 1% to DAI holders.
A rare exponential curve in this bear market. @MakerDAO
75% of revenue is now RWA (incl. GUSD rewards). 🛠️
The board also decided to pay out 1% remuneration return to DAI holders. 🎁🎄
Gradually, then suddenly. 🚀 https://t.co/KUPrEWXsde pic.twitter.com/Y2aMF3teWR— Sebastien Derivaux (@SebVentures) December 7, 2022
Despite the growing turnover MakerDAOs Total Value Locked (TVL) has fallen significantly over the past week. At the time of going to press, the MakerDAOTVL got up $6.34 billion, according to data from DeFi Llama.
Source: Messari
Looking at the sign
MakerDAO’s token, MKR couldn’t do well either. The number of daily active addresses for the MKR token has dropped significantly over the past month. In addition, the speed of MKR also decreased. A decreasing rate indicated that the frequency with which MKR was exchanged between addresses had decreased.
MKR’s token holders also failed to make a profit. From the image below, it can be seen that the volume of trades made at a profit has decreased significantly.
Source: Sentiment
MKR’s token also failed to spark interest from new addresses. Network growth for the token has slowed over the past 30 days. This implied that the number of new addresses transferred by MKR had decreased.
Surprisingly, despite these factors, MKR witnessed a spike in interest from major addresses from 14 November. After that, interest remained constant over the past month.
This implied that major addresses were not deterred by market volatility and continued to show confidence in the token.
Source: Sentiment
At the moment of writing, MKR was trading at $612.35. The price is down 0.32% in the last 24 hours.
This post MakerDAO’s latest developments could have this effect on MKR and its holders
was published first on https://ambcrypto.com/makerdaos-latest-developments-could-have-this-effect-on-mkr-and-its-holders/
