The analytical company Messari turned its attention to the fact that the income of the Defi MakerDAO Defi project decreased by 86 percent in the 3rd quarter.
Analyst Johnny_TVL believes that this was a decrease in interest in lending and some major liquidation. The income of the protocol decreased from 30 million to 4 million dollars for the previous period. The costs of this project amounted to 16 percent.
As a result, MakerDao came to the first quarterly loss since 2020.
The revenue of the Defi protocol from assets, based on Ethereum, decreased by 74 percent, based on Bitcoin decreased by 66 percent, and from the rest - by 36 percent.
The analyst also noticed an increase in the volume of the coin of Gelato Uniswap (G-Uni), which is a DAI/USDC liquidity pool. According to him, this does not increase the revenue of the puncture, but strengthens the connection of the Center consortium and stablecoin.
The analyst believes that MakerDao has become too dependent on loans that take whales and institutions
For example, the company Alameda Research, which was blocked in the protocol sixty -three thousand WBTC. In the month of July, this company liquidated thirteen thousand WBTC (this is about 20 percent) and by the end of the period the position totaled less than fifteen thousand WBTC.
Johnny_TVL also said that MakerDao began to issue loans for "assets of this world". After Huntingdon Valley Bank took a hundred million dollars, the percentage of income from similar positions increased to 12%.
Another analyst reminded one more that a proposal to change the control of the Endagame protocol was made from Rune Christinsen, co-founder of MakerDao. Also, Rune showed the initiative and made an offer - to untie the DAI from the dollar.
