MakerDAO 2018 Revenue Analysis

Methodology

2018 Revenues

Accrued Stability Fee: Interest accumulated by CDPs during the period. Accrued fees are collected from CDP holders only on CDP wipes and shut.

Collected Stability Fee: Interest paid by CDP holders when they are reimbursing their debt, at the time of a wipe or a shut.

Accrued Stability fees in DAI, by month, in 2018

Stability Fee Write-off: Accrued stability fees that cannot be collected from the CDP holders due to a liquidation (bite).

Total 2018 Stability Fees
Liquidation penalties revenues, by month, in 2018

Liquidation penalty: Amount of DAI that is added to CDP balance during liquidation (bite). The penalty replaces any accrued stability fee.

Distributions of Revenues and Surplus

Liquidation fee redistribution

Who benefited the most?

Revenue and surplus distribution for 2018

Conclusion

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