Quantifying Maker Protocol: Revenue Analysis, Risk Frameworks and Stability Levers | Roundup

Bell Curve

In this week's roundup Mike is joined by Blockworks Research Analysts Westie and Brick to dive into Maker Protocol's evolution into a cash flow machine. They analyze Maker's financials, revenue streams, and balance sheet metrics to showcase its impressive fundamentals. The discuss Maker's ambitious decentralized governance plans, including the introduction of subDAOs and a token redenomination. They also discuss Maker's moves into real-world assets, associated risks and revenue opportunities. The close out by discussing Vitalik's proposal to raise gas limits to boost performance, contrasting the goals of low fees versus client diversity and decentralization. They extend this into a broader discussion around Ethereum's role as a settlement layer, questioning how much performance impacts rollups and value accrual. Hear all of this and much more!

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Resources

Ethereum Demand Convo

https://x.com/koeppelmann/status/1745400124816167366

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Timestamps

(0:00) Introduction

(1:16) Bitcoin ETF Inflows

(2:41) The Maker Endgame

(18:15) Maker Data Dive

(26:22) Revenue and Balance Sheet for an Onchain Bank

(43:05) Increasing Target Gas Limits on Ethereum

(49:08) Balancing Client Diversity & Performance

(55:53) Ethereum Performance Impacting Rollups

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.tt and our guests may hold positions in the companies, funds, or projects discussed.