尽管实用性不断增长，但 MakerDAO [MKR] 代币的表现仍逊于竞争对手

MakerDAO [MKR] 是 2021 年牛市期间最热门的 DeFi 项目之一。快进到现在，DeFi 领域更加饱和

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 年牛市期间顶级去中心化金融（DeFi）项目之一。然而，随着 DeFi 领域的新项目变得更加饱和，竞争也加剧了。那么，MakerDAO 在这个不断变化的环境中表现如何？

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.

根据最近按周产生的费用对 dApp 进行的排名，MakerDAO 成功挤进了前 10 名。这是一个关键的观察结果，突显该平台仍然具有不错的实用性。

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.

过去两年，DeFi 协议的费用出现了令人印象深刻的增长。客观来看，2022 年 10 月 MakerDAO 的日费用平均不到 30,000 美元。但日费用开始呈上升趋势，最高记录发生在 2024 年 4 月 8 日，达到 119 万美元。

Source: DeFiLlama

来源：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 费用的一个重要里程碑。这是因为这是 2024 年下半年 dApp 费用首次突破 100 万美元。

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.

其他指标也证实了 dApp 活动的增长。例如，过去 4 周内，代币交易量从不到 4000 万美元飙升至 3.56 亿美元。过去三天平均成交额超过 2 亿美元。

Source: DeFiLlama

来源：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.

过去几周，MakerDAO 的总锁定价值（TVL）也一直处于恢复模式。迄今为止，该股已较今年 10 月份的最低点上涨了 15 亿美元。

Will MKR benefit?

MKR 会受益吗？

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 和费用的激增明确表明 MakerDAO 实用性随着近期市场的兴奋而增长。然而，这种增长几乎没有反映在其 MKR 代币上。

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 年迄今为止，MKR 大多看跌。 10 月 25 日跌至 12 个月低点 1,006 美元。此后，它反弹了 61%，达到截至发稿时的 1,630 美元的价格。

Source: TradingView

来源：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.

全年来看，大多数顶级竞争对手的价格较 2024 年最低价格上涨了一倍多。这表明 MakerDAO 一直表现不佳。

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

换句话说，它可能会出现在相对被低估且具有很大上涨潜力的代币阵容中。

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 今年迄今为止的飙升表明，积累一直在最近的底部范围内进行。尽管如此，需求一直相对疲弱，但随着流动性轮动的继续，这种情况可能会发生变化。