TL;DR
Sky Protocol (formerly MakerDAO) reported record revenue of $22.18 million in December 2024, reflecting the recovery in the DeFi sector. Factors driving this growth include increased usage of the native stablecoin DAI/USDS, with daily fees reaching a peak of $1.3 million and DAI supply reaching $6.2 billion. will increase to Sky Protocol’s rebrand and collateral overhaul includes increased adoption of its services on the USDS and Solana blockchains, along with ambitious expansion plans for 2025.
Sky Protocol, formerly known as MakerDAO, reported record revenue of $22.18 million in December 2024. This achievement marked the highest monthly revenue for a DeFi lending protocol in the past six months. This impressive performance reflects the overall recovery of the DeFi sector and Sky Protocol’s strategic efforts to strengthen its platform and services.
Factors driving revenue growth
Several factors contributed to Sky Protocol’s impressive December earnings. Due to increased usage of its native stablecoin DAI/USDS, the protocol’s daily fees reached $1.3 million on December 7th.
DAI supply increased to $6.2 billion, the highest level since 2022, backed by a variety of collateral including tokenized Treasury bills. This diversification has established Sky Protocol as a leader in the implementation of real world assets (RWA) within the crypto sector.
Strategic shift and rebranding
Over the past year, Sky Protocol has undergone significant changes, including rebranding from MakerDAO and overhauling its collateral structure. These strategic shifts have enabled the protocol to adapt to evolving market conditions and remain competitive.
Despite facing competition from other DeFi lending platforms like Aave, Sky Protocol has a strong market position due to its $2.1 billion Treasury holdings as additional collateral for the DAI/USDS dollar peg. succeeded in securing the position.
Expansion plans for 2025
Looking ahead to 2025, Sky Protocol has ambitious plans to expand its presence in the DeFi space. The protocol aims to accelerate the adoption of its native stablecoin, USDS, and extend its services to the Solana blockchain.
Just one week after launching USDS on Solana, the supply of USDS on-chain exceeded 100 million tokens. Sky Protocol plans to offer complete lending services on Solana, potentially competing with existing lenders like Kamino Finance.
Sky Protocol’s record December revenue and strategic growth plans for 2025 highlight the company’s resilience and adaptability in a rapidly evolving DeFi environment. The protocol continues to innovate and expand and is well-positioned to take advantage of new opportunities and drive further growth in the DeFi sector.
