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Sky (MakerDAO) Hits New Highs in Fees and Revenue

December has been a breakthrough month for MakerDAO, with data from the decentralized finance (DeFi) analytics platform DeFiLlama showing it set new records in fees and revenues. According to the data , MakerDAO reached a peak of $40.86 million in fees, a key metric of user activity, and $26.77 million in revenue, reflecting retained earnings, between December 1 and December 31. A Historic Month for MakerDAO 2024 has also been the crypto lending protocol’s best year since its inception, making about $304 million in fees and over $174 million in revenue. At that time, the highest amount recorded for fees was in April, when the protocol received $32.62 million, while its best month in terms of turnover was November when it made $18.91 million. However, December’s numbers beat both those 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, bringing in $1.67 million in levies and $1.18 million in income. These earnings have been driven primarily by interest payments on loans made on the protocol’s DAI stablecoin, reflecting the increasing demand for its lending services. In August, the platform announced it would rebrand to Sky after two years of development aimed at adding new functionalities and improving user interactions. It also introduced two new cryptocurrencies: USDS, a stablecoin that users could convert from their existing DAI holdings, and a new governance token named SKY. USDS has also been launched on Solana as a DeFi-native stablecoin. The network has the second-largest decentralized finance ecosystem after Ethereum, with about $8.5 billion locked into its DeFi projects. MKR’s Market Performance Elsewhere, Maker’s native asset MKR experienced a less-than-impressive December. According to data from CoinGecko, the token lost 16.8% of its value over the last 30 days, with its worst performance coming in the previous two weeks, where it dipped by more than 21%. In the last 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 from 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 one-day trading volume of $113.1 million helping it maintain a significant value with a market cap of $1.37 billion. The post Sky (MakerDAO) Hits New Highs in Fees and Revenue appeared first on CryptoPotato . NewsBTC

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El Salvador’s Bitcoin Buying Spree Continues, Nation’s Stash Swells To Staggering 6,000 BTC

Since adopting Bitcoin as a legal tender back in 2021, El Salvador has pursued a consistent strategy of accumulating Bitcoin (BTC). This steady Bitcoin buying strategy, which has largely paid off since the asset’s price has soared, has continued up until now. Recent data shows that El Salvador purchased another 1 BTC on Dec. 29, pushing the Nayib Bukele country’s total holdings above the 6,000 BTC mark. This substantial stash makes El Salvador the sixth country to hold 6,000 BTC or more. El Salvador Now Holds $562 Million In Bitcoin According to The National Bitcoin Office of El Salvador’s portfolio tracker, El Salvador’s BTC holdings now stand at 6,000.77 Bitcoin, currently worth $562.3 million following its latest purchase. El Salvador holds the sixth most Bitcoin among nation-states, behind only the United States, China, the United Kingdom, Ukraine, and Bhutan, data shows. While El Salvador typically adds one Bitcoin per day, it acquired 11 BTC , worth $1 million, just a day after striking a $1.3 billion deal with the International Monetary Fund (IMF) that stipulated changes on its controversial Bitcoin Law in return. In September 2021, El Salvador became the first country to make Bitcoin legal tender. El Salvador’s National Bitcoin Office Director Stacy Herbert announced in a Dec. 19 post that the tiny Latin American nation may continue to purchase Bitcoin at an “accelerated pace” going forward. Herbert further revealed that the Salvadoran government would sell or phase out its government-sponsored wallet, Chivo . The authorities gifted citizens $30 of free BTC via the app back in 2021. Has Bukele’s Big BTC Bet Borne Fruit? Since making Bitcoin legal tender, President Nayib Bukele has been a vocal supporter of crypto adoption. His government has launched several projects including a Bitcoin mining operation powered by geothermal energy from a volcano and the introduction of Bitcoin-backed volcano bonds. El Salvador also offers a so-called “freedom visa” for crypto enthusiasts. El Salvador bought its 6,000 BTC at an average price of $45,465; it’s now worth $562 million, meaning the country is sitting on over $157 million in profits — a roughly 108% gain on its initial investment. While it’s unclear whether other nation-states will actually follow in El Salvador’s footsteps and stockpile Bitcoin anytime soon, one thing is clear: Interest in holding the world’s largest cryptocurrency as a strategic reserve asset has reached a fever pitch . NewsBTC