Poor performance from MakerDAO's biggest earners Ether (ETH) and Wrapped Bitcoin (wBTC) has seen the DAO's quarterly revenues plunge 86% in Q3.
MakerDAO, the governing body of the Maker Protocol has seen its revenue plummet in the third quarter of 2022, caused by a fall in loan demand and few liquidations, while expenses have remained high.to an Oct. 13 tweet by Johnny_TVL, a Messari analyst and co-author of “The State of Maker Q3 2022,” the decentralized autonomous organization saw its revenue plunge to just over $4 million in Q3, down 86% from the previous quarter.MakerDAO value statement as of September 30, 2022.
The Messari senior research analyst has pointed to few liquidations and weak loan demand as the reasons for the drop in revenue. Its two biggest earners, Ether and Wrapped Bitcoin , have performed poorly in the last quarter, with revenue from ETH-based assets falling 74% and revenue from BTC-based assets falling 66%.
Borrowers use these cryptocurrencies as collateral for loans of the Dai stablecoin, providing some security from the volatility often seen within cryptocurrency markets at the cost of interest paid on the loans.The analyst has also pointed to a fall in the collateral ratio of MakerDAO, suggesting the ratio has fallen to 1.1 from 1.9 at the same time last year.
However, “expenses are not so elastic” said the analyst, with the report showing that expenses have remained high in the quarter at $13.5 million, falling only 16% from the previous quarter.
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