Crypto markets have been flat since mid-March, but MakerDAO’s MKR token has been on a rollercoaster ride. The crypto asset has gained a whopping 200 since the beginning of the year, hitting its highest level since May 2022 this week.

Moreover, MKR has gained around 50 in less than a month, so what is driving momentum for this DeFi asset?

MakerDAO Revenue Surging

On Sept. 27, DeFi researcher Thor Hartvigsen shared some MakerDAO fundamentals explaining why MKR has been so bullish.

Maker revenue has been surging recently, making it the largest revenue-generating protocol in the DeFi ecosystem, with a current annualized revenue of $193 million.

These numbers come from interest paid by DAI stablecoin minters from on-chain collateral and real-world asset (RWA) collateral such as U.S. Treasury bills.

The revenue has been bolstered by an expanding DAI supply and better rates on U.S. T-bills, the analyst noted.

“Maker revenue depends primarily on the total market cap of DAI as the collateral backing this stablecoin is what generates fees.”