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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 . TimesTabloid

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Analyst Who Nailed Bitcoin Pre-Halving Pullback Warns BTC Showing Signs of Incoming Multi-Week Correction

A crypto strategist known for accurately calling Bitcoin’s retracement earlier this year warns that BTC is flashing signals that could lead to an extended corrective period. Pseudonymous analyst Rekt Capital tells his 524,500 followers on the social media platform X that BTC shattered two support levels on the weekly chart, suggesting that its short-term uptrend has come to an end. According to the analyst, the price action indicates that BTC could take a breather in the coming weeks. “The weekly support has been lost. The five-week technical uptrend is over (orange). Bitcoin is showing increasing signs of transitioning into a multi-week correction. Any relief rally, if at all needed, into these old supports could turn them into new resistance to confirm additional downside continuation.” Source: Rekt Capital/X Rekt also highlights that Bitcoin is flipping previous supports into resistance levels, lending more credence to his bearish BTC stance. The trader now sees Bitcoin hitting the $90,000 price level. “Old supports are acting as new resistance. As a result, technically, the breakdown has been confirmed. But the follow-through in bearish downside continuation ever since has been relatively limited thus far. $94,250 on the daily would need to be lost for the price to drop into the low $90,000s.” Source: Rekt Capital/X At time of writing, Bitcoin is trading at $93,487. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Analyst Who Nailed Bitcoin Pre-Halving Pullback Warns BTC Showing Signs of Incoming Multi-Week Correction appeared first on The Daily Hodl . TimesTabloid