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MakerDAO treasury reserves overtake Lido, but what’s stopping its ascent

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Over the last few months, MakerDAO lost the top position in terms of TVL to the Lido [LDO] protocol. With the launch of the Shanghai Upgrade and the subsequent rise of interest in staking, Lido has been seeing even more growth.

Realistic or not, here’s MKR market cap in BTC’s terms

Despite this, the treasury earnings of MakerDAO surpassed that of Lido. According to DeFi Llama, the overall treasury earnings of MakerDAO, excluding their own tokens, were $70.33 million at press time. The Lido protocol has not procured the same number of holdings in its treasury despite outperforming the latter on various fronts.

Source: DeFi Llama

These treasury holdings of MakerDAO can be deployed to improve various aspects of the network.

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Recently, the MakerDAO governance approved the proposal for onboarding GNO as a collateral asset in Spark Protocol. For the uninitiated, the Spark Protocol is the DAO’s debut offering and allows users to borrow or supply Ether [ETH], Staked ETH [stETH], DAI, and savings DAI at competitive rates.

This means that GNO tokens can now be used as collateral when borrowing stablecoins on the platform, potentially expanding the range of available assets and providing more flexibility for users seeking to engage in decentralized lending and borrowing activities.

Source: MakerDAO

There was another governance proposal that was approved over the last few days relating to Credix Finance Assessment Work.

Maker Governance approved the Credix Finance Assessment Work.

🗳️ https://t.co/Dt8Kzm6oXb

With over 124,000 MKR, the respective Governance Poll approves the deployment of @SteakFi's resources to the analysis and assessment of the Maker Arranger Proposal by Credix Finance. pic.twitter.com/CCZ57oiwQb

— Maker (@MakerDAO) May 18, 2023

With the approval of the proposal from Credix Finance, capital access in underserved Latin American markets will expand. Credix Finance and MakerDAO have collaborated to provide loans and funding to individuals, small businesses, and consumers in these markets.

This partnership aims to increase financial inclusion and drive economic growth while generating an estimated annual gross revenue of $9.75 million for MakerDAO.

As the approved Arranger, Credix Finance will handle sourcing, underwriting, and deal structuring, while the Underwriter will provide additional capital and assist with due diligence. The facility of 150 million DAI will support FinTech lenders in offering financial services to their customers.

The multi-tranche structure will allocate risk, with MakerDAO providing senior capital from its liquidity pool. Loans will be directed towards small businesses, consumers, and other creditworthy opportunities, with a focus on impact investing and the avoidance of environmentally harmful asset classes.

Maker Governance approved the Credix Finance Assessment Work.

🗳️ https://t.co/Dt8Kzm6oXb

With over 124,000 MKR, the respective Governance Poll approves the deployment of @SteakFi's resources to the analysis and assessment of the Maker Arranger Proposal by Credix Finance. pic.twitter.com/CCZ57oiwQb

— Maker (@MakerDAO) May 18, 2023

Despite all these developments, MakerDAO’s TVL declined by 14.3% in the last 30 days. The revenue generated by the protocol also fell by 3.9% during this period.

Source: Token Terminal

The developments being made on MakerDAO could help the protocol improve in these areas in the future.

However, MakerDAO wasn’t the only protocol that was making developments. The Lido protocol, despite its low treasury reserves, was observed to be making massive changes.

On 17 May, NansenAI revealed that when a user sends an ETH withdrawal request to Lido Finance, they receive an NFT. After the withdrawal request is accepted, the NFT image will be updated. The user can utilize the NFT as a transferable receipt for the ETH withdrawal from Lido.

Did you know that when someone makes a @LidoFinance withdrawal request, they receive an NFT?

And once the request is available to be claimed, the NFT's image is updated to notify the holder

You can think of it as a web3 receipt pic.twitter.com/auOp48MM7v

— Nansen 🧭 (@nansen_ai) May 17, 2023

The introduction of ETH Withdrawal NFTs in Lido Finance will enhance the user experience by providing a verifiable and transferable withdrawal certificate for ETH transactions. This feature increases transparency and convenience for users engaging with the Lido protocol.

Due to Lido capitalizing on the hype around its protocol due to staking through NFTs, the protocol has retained daily activity on its platform. Token Terminal’s data indicated that daily active addresses on Lido have by 77% over the last 30 days.

Subsequently, because of the high activity on the network, the fees generated on the protocol also increased by 30% during the same period.

Source: token terminal

Even though Lido has outperformed MakerDAO in terms of fees generated and activity on the network, MakerDAO was observed to be doing well on the social front.

Is your portfolio green? Check out the MKR Profit Calculator

According to Santiment, MKR saw significantly more social volume than Lido over the last month. Coupled with that, the sentiment around Maker was much more positive than that around Lido.

Source: Santiment

However, the state of the tokens of these respective protocols wasn’t affected by public sentiment on social networks. The market cap of LDO grew positively over the last few weeks whereas MKR’s market cap failed to see green.

The network growth of both tokens suggested that new addresses were more interested in buying MKR rather than LDO at press time.

Source: Santiment

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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