MakerDAO: Financials

What is MakerDAO?

MakerDAO is one of the longest-standing and most foundational protocols in decentralized finance (DeFi), best known for issuing DAI—a decentralized, overcollateralized stablecoin that maintains a soft peg to the U.S. dollar. The protocol enables users to mint DAI against various forms of collateral through smart contract–controlled vaults. In recent years, MakerDAO has evolved far beyond a lending platform, now functioning as a complex crypto-native institution with exposure to real-world assets, a multi-pronged revenue model, and an ongoing transition to a modular governance structure called the Endgame.

About the MakerDAO Dashboard

The MakerDAO dashboard offers a real-time, transparent view into the protocol’s financials, collateral composition, stablecoin mechanics, and upcoming governance transition. Built for analysts, token holders, researchers, and policymakers, the dashboard is divided into intuitive tabs that highlight protocol earnings, vault activity, DAI circulation, RWA exposure, and SubDAO strategies under the SKY Endgame framework. Every chart is powered by Steakhouse Financial and Blockworks Research, ensuring accuracy and granularity across Maker analytics.

How Can I Use MakerDAO Analytics?

The MakerDAO dashboard is segmented across several high-value categories. Each tab is designed to surface critical metrics that drive the protocol's health, usage, and future roadmap.

Financials

The Financials tab focuses on MakerDAO revenue, expenses, and balance sheet flows. Key metrics include:

• Annualized protocol revenue from DAI minting, RWA yields, and vault fees
• Net income after credit losses and operational expenses
• MKR buybacks and LP activity from treasury earnings
• P/S and P/E ratios on both circulating and fully diluted bases
• Detailed monthly income statements broken out by source (Crypto Loans, D3M, PSM, RWA, etc.)
• DAI/USDS Metrics

This tab maps MakerDAO’s stablecoin activity and collateral behavior:

• Total DAI supply and its allocation across use cases (DSR, bridges, exchanges, etc.)
• Collateral types backing DAI (ETH, WBTC, GUNI LPs, etc.)
• Vault-level stats on outstanding debt and collateralization
• DSR (DAI Savings Rate) and SSR (Sky Savings Rate) trends
• Daily deposits and withdrawals, helping monitor confidence and yield shifts
• Real World Assets

MakerDAO’s growing integration with real-world finance is covered here:

• Total RWA debt outstanding by issuer (e.g., BlockTower, Andromeda, HV Bank)
• RWA stability fees collected from off-chain lending
• Capital allocation trends as RWA vaults scale or contract
• Spark Protocol

Spark is MakerDAO’s DeFi-native lending market powered by DAI and sDAI. Analytics here include:

• Net lending positions (supply vs. borrow)
• Total value supplied and borrowed across assets
• Spark Treasury growth and liquidation events
• sDAI supply behavior and price stability metrics
• SKY Endgame

The Endgame tab tracks MakerDAO’s shift toward modular, subDAO governance:

• MKR-to-SKY conversion and USDS staked for farming
• Buyback operations and treasury balances
• SubDAO reward distribution and farming participation
• SKY-controlled MKR and LP activity

How is MakerDAO Data Gathered?

Maker analytics on this dashboard are sourced from a combination of:

• Custom indexers (via Steakhouse Financial)
• Direct chain data from Ethereum and Maker smart contracts
• Proprietary Blockworks Research models
• Cross-source validation for consistent reporting

What is Network REV in MakerDAO Analytics?

While traditional L1s track base and priority fees, MakerDAO measures protocol-level revenue instead. This includes:

• Interest income from collateralized vaults
• Fees from Real World Assets
• Stability fees from DAI minting via Peg Stability Modules (PSMs)
• Yield from D3M deployments

This revenue represents the raw economic value captured by the protocol and is a leading metric for understanding MakerDAO’s fiscal health.

What is Token Holder Net Income?

Token Holder Net Income reflects how much value flows back to MKR holders after deducting expenses and credit losses from protocol revenue. A portion of MakerDAO’s earnings are used to repurchase and burn MKR on the open market, effectively returning capital to stakeholders. This dynamic is especially visible under the SKY Endgame strategy, where surplus income is directly funneled into MKR buybacks or USDS incentive mechanisms.

Why is On-Chain Activity Important in MakerDAO Analytics?

Vault activity, DAI movement, and savings rate participation provide strong signals on market demand for decentralized stablecoins and DeFi-native lending. Tracking inflows and outflows from DSR/SSR, shifts in collateral backing, and usage patterns across bridges or exchanges allows analysts to gauge trust in DAI and systemic leverage within the Maker ecosystem.

How Can I Track Collateral Health and Liquidations in MakerDAO?

The MakerDAO dashboard offers granular insight into risk management, including:

• Collateral type breakdowns with live debt and backing ratios
• Real-time liquidation events by vault, asset, and liquidation percentage
• Credit losses and recovery rates
• Protocol safety under market stress conditions

These charts help assess whether DAI is adequately backed and Maker’s stability mechanisms are functioning as designed.

What is the MakerDAO Endgame and SKY Strategy?

MakerDAO is undergoing a transformative governance overhaul known as the Endgame, led by the creation of a unified governance token (SKY), new stablecoins (USDS), and modular SubDAOs. Under this model:

• MKR can be converted to SKY
• SKY is staked for USDS farming and governance participation
• SubDAOs operate semi-independently with specialized mandates
• Buybacks and farming incentives are transparently visualized

This structure is designed to scale governance, decentralize operations, and make the Maker ecosystem more antifragile over time.