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State of Maker Q2 2022

Jul 27, 2022 ⋅  21 min read

Liquidity conditions and the UST collapse negatively impacted Maker’s balance sheet and earnings in Q2’22. The protocol maintained or gained market share in its two largest crypto-lending markets (ETH and wBTC). G-UNI LP tokens rose in the collateral ranks this quarter. RWAs continue to be an attractive growth opportunity for MakerDAO, despite some drama in the process. The future design of governance at MakerDAO is a hot topic, as two strong leaders pitch ideas to tokenholders.

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Before joining Messari as a Senior Research Analyst, John worked in Equity Derivatives on the buy-side and sell-side for over five years. He studied macroeconomics and markets for almost a decade. Now, John spends time thinking about token design, DeFi protocols, and governance.

Peter is a Research Analyst in Protocol Services focused on Layer-1s. He recently graduated from Boston College where he studied economics and computer science and led the school's blockchain club.

Mentioned in this report

About the authors

Before joining Messari as a Senior Research Analyst, John worked in Equity Derivatives on the buy-side and sell-side for over five years. He studied macroeconomics and markets for almost a decade. Now, John spends time thinking about token design, DeFi protocols, and governance.

Peter is a Research Analyst in Protocol Services focused on Layer-1s. He recently graduated from Boston College where he studied economics and computer science and led the school's blockchain club.

Mentioned in this report