A Tale of Two Makers: Innovative product, inefficient value capture
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.
Quick Take
- Through 1Q19, the beneficiary stakeholders within the Maker system have been PETH holders rather than MKR holders
- While the DAI peg has been relatively stable (limited standard deviation day-to-day), MKR token holders have seen inefficient value capture
With the help of explicit earnings data within the Maker system, visible via smart contracts on the Ethereum blockchain, we calculated relative valuation metrics for Maker such as Price to Burn (Interest Earnings) and Earnings Yield, and found that while Maker has achieved a fairly stable peg for its stablecoin DAI, the system hasn't been able to capture and distribute interest payments (revenue) to its MKR stakeholders.
accessprotocol.co
Subscribe for Premium Content
To unlock this and other Premium content, subscribe via Access Protocol. You can pay with SOL.
