MakerDAO sheds 11% in TVL in the past month, causing it to fall to fourth place in the ranking of DeFi protocols.has slipped further in the ranking of DeFi platforms in terms of total value locked , losing 11% in the past month., Aave’s TVL plummeted severely, causing it to briefly lose its spot as the protocol with the second-highest DeFi TVL to MakerDAO.
As liquidity providers and borrowers sought new “homes” for their funds, MakerDAO amplified its Dai Savings Rate to 8%, causing the total amount of the DAI stablecoin deposited in the DSR contract to jump from 339.4 million to 556 million, according to Its wrapped staked Ether tokens deposits climbed, leading to its TVL surge, and it became the second-largest DeFi platform in terms of TVL after Lido.For example, after the DSR was slashed, Tron founder Justin Sun withdrew 206 million in DAI and 235,556 wsETH from the pool, data tracked by
The DSR reduction has since resulted in a steady decline in the protocol’s TVL, putting it four places behind the Lido.Despite the steady decline in MakerDAO’s TVL in the last month, the value of its native token MKR has climbed. At press time, the altcoin exchanged hands at $1,410, having grown by 24% in the last month, according to data fromAn assessment of MKR’s price movements on a daily chart revealed that the token initiated a new bull cycle on 1 September.
As bulls regained market control, they drove up daily accumulation among spot traders. Although accumulation has slowed at press time, key momentum indicators remained positioned above their respective neutral lines, suggesting that MKR accumulation still surpassed distribution.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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