The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Maker
Analysis of 10 Dec 2025MakerDAO, rebranded Protocol in August 2024, represents the cornerstone of decentralized finance with $6 billion Total Value Locked and 28% share of DeFi lending market. The protocol maintains DAI stablecoin with $5-7 billion circulation while generating revenue through stability fees, liquidations, and Real-World Asset yields contributing $948 million (23.5% of reserves).
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MKR token holders govern the protocol with over-collateralization averaging above 150%. The May 2025 Endgame transition introduced SKY governance token at 1:24,000 MKR conversion rate, though MKR remains tradeable.
December 2025 saw protocol fees exceed $40 million monthly with $27.71 million in monthly revenue.
