儘管實用性不斷增長，但 MakerDAO [MKR] 代幣的表現仍遜於競爭對手

MakerDAO [MKR] 是 2021 年牛市期間最熱門的 DeFi 項目之一。快轉到現在，DeFi 領域更加飽和

MakerDAO (MKR) was among the top decentralized finance (DeFi) projects during the 2021 bull run. However, as the DeFi space becomes more saturated with newer projects, competition has intensified. So, how has MakerDAO been faring within this changing landscape?

MakerDAO（MKR）是 2021 年多頭期間頂級去中心化金融（DeFi）計畫之一。然而，隨著 DeFi 領域的新項目變得更加飽和，競爭也加劇了。那麼，MakerDAO 在這個不斷變化的環境中表現如何？

According to a recent ranking of dApps by weekly fees generated, MakerDAO managed to squeeze into the top 10. This served as a key observation, highlighting that the platform was still experiencing a decent level of utility.

根據最近按週產生的費用對 dApp 進行的排名，MakerDAO 成功擠進了前 10 名。

Over the past two years, the DeFi protocol’s fees have seen impressive growth. To put things into perspective, MakerDAO daily fees averaged less than $30,000 in October 2022. But daily fees embarked on an upward trajectory, with the highest recorded figure occurring at $1.19 million on 8 April 2024.

過去兩年，DeFi 協議的費用出現了令人印象深刻的成長。客觀來看，2022 年 10 月 MakerDAO 的日費用平均不到 3 萬美元。

Source: DeFiLlama

來源：DeFiLlama

The 22nd of 22 November marked a significant milestone for MakerDAO fees. This was because it was the first day that dApp fees surged above $1 million in the second half of 2024.

11 月 22 日是 MakerDAO 費用的一個重要里程碑。這是因為這是 2024 年下半年 dApp 費用首次突破 100 萬美元。

Other metrics also confirmed growing dApp activity. For instance, token volume surged from less than $40 million to $356 million over the last four weeks. It averaged over $200 million in the last three days.

其他指標也證實了 dApp 活動的成長。例如，在過去 4 週內，代幣交易量從不到 4,000 萬美元飆升至 3.56 億美元。過去三天平均成交額超過 2 億美元。

Source: DeFiLlama

來源：DeFiLlama

MakerDAO’s total value locked (TVL) has also been in recovery mode for the past few weeks. It has so far gained by $1.5 billion from its lowest point in October this year.

過去幾週，MakerDAO 的總鎖定價值（TVL）也一直處於恢復模式。迄今為止，該股已較今年 10 月的最低點上漲了 15 億美元。

Will MKR benefit?

MKR 會受益嗎？

The surge in volume, TVL, and fees were clear indications that MakerDAO utility is growing with the recent market excitement. However, this growth has hardly reflected on its MKR token.

交易量、TVL 和費用的激增明確表明 MakerDAO 實用性隨著近期市場的興奮而增長。然而，這種增長幾乎沒有反映在其 MKR 代幣上。

So far in 2024, MKR has been mostly bearish. It fell to a 12-month low of $1,006 on 25 October. It has since bounced back by 61% to reach its press time price tag of $1,630.

2024 年迄今，MKR 大多看跌。 10 月 25 日跌至 12 個月低點 1,006 美元。此後，它反彈了 61%，達到截至發稿時的 1,630 美元的價格。

Source: TradingView

來源：TradingView

Throughout the year, most of its top rivals have more than doubled from their lowest 2024 prices. This suggests that MakerDAO has been underperforming.

全年來看，大多數頂級競爭對手的價格較 2024 年最低價上漲了一倍以上。這表明 MakerDAO 一直表現不佳。

In other words, it could be on the lineup for relatively undervalued tokens with a lot of upside potential.

換句話說，它可能會出現在相對被低估且具有巨大上漲潛力的代幣陣容中。

MKR’s surge so far this year suggests that accumulation has been taking place at its recent bottom range. Nevertheless, demand has been relatively weak, but this could change as liquidity rotation continues.

MKR 今年迄今為止的飆升表明，積累一直在最近的底部範圍內進行。儘管如此，需求一直相對疲軟，但隨著流動性輪動的持續，這種情況可能會改變。