Journalist
- MKR’s transaction volume has surged significantly in recent weeks.
- Maker RWA has seen a decline in TVL due to high USD outflows.
MakerDAO’s MKR has emerged as the asset with the highest transaction volume out of all the native tokens that power protocols trading real-world assets (RWAs), according to data from IntotheBlock.
$MKR leads transaction volume amongst RWA protocol tokens, reaching a daily average volume of $94.5M during the second week of January.
🔗https://t.co/fc5hlSkGUI pic.twitter.com/DxqTjCuaon— IntoTheBlock (@intotheblock) January 18, 2024
According to the data provider, MKR recorded a daily average transaction volume of $94.5 million during the second week of January and still remained in an uptrend.
RWAs are on-chain variations of assets in traditional finance. Examples include real estate, bonds, stocks, commodities, invoices, trade receivables, etc.
According to data from DefiLlama, RWAs make up 26% of MakerDAO’s total value locked (TVL) of $8.4 billion. As of this writing, Maker RWA had a TVL of $2.2 billion.
RWAs on MakerDAO suffer a decline in inflows
Although MakerDAO ranks as the protocol with the largest RWA TVL, it has significantly declined in the past few months.
Data from DefiLlama showed that its RWA TVL has trended downward since 28th October, 2023. At $2.2 billion at press time, Maker RWA TVL has since plunged 33%.
AMBCrypto found that this decline has been due to a decrease in USD inflows into Maker RWA offerings in the last three months. Since October, monthly outflows from RWAs on Maker have totaled $871 million.
Investors have removed $244 million this month alone from Maker’s RWA vertical.
Source: DefiLlama
Due to the fall in capital inflow into this asset class on MakerDAO, its fee revenue from RWA has dwindled. Over 65% of Maker’s fee revenue was derived from its RWAs at the beginning of October.
However, by the end of that month, as USD inflow in RWAs on the platform fell, the revenue from tokenized T-Bill products started to climb.
According to a Dune Analytics dashboard created by data analyst Steakhouse, Maker’s tokenized T-Bill products accounted for 51.3% of its revenue at the time of writing. In comparison, a mere 6.1% came from RWAs.
MKR on a weekly chart
At press time, MKR exchanged hands at $2,031, according to data from CoinMarketCap. With the year so far marked mostly by positive weighted sentiment, demand for the altcoin has continued to climb.
Realistic or not, here’s MKR’s market cap in BTC terms
As of this writing, its Relative Strength Index (RSI) and Money Flow Index (MFI) were 73.39 and 80.16, respectively.
Likewise, the token’s Chaikin Money Flow (CMF) returned a positive value of 0.05, showing that buying activity exceeded token distribution.
Source: MKR/USDT on TradingView
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