MakerDAO’s crypto-backed lending business has regained the top spot in the protocol’s revenue mix, overtaking its real-world asset vault as bullish market conditions pull more users back into leverage. According to DL News, DeFi-native loans now generate over 50% of MakerDAO’s projected $243 million in annual revenue, or more than $122 million, on the back of roughly $2.4 billion in crypto-backed loans. The shift matters because it shows how sensitive MakerDAO’s earnings are to market sentiment. DL News quotes Phoenix Labs CEO Sam MacPherson, who said the protocol is earning more from DeFi-native loans as users return to borrow against crypto holdings during the bull market. The story also notes that MakerDAO’s real-world asset exposure has slipped to about $2.1 billion and now contributes a smaller share of revenue, indicating a reversal from the prior period when RWAs were the main growth driver.

AI-generated background, compiled from web sources — not editorial content.

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