Two months ago, I outlined my thinking around MKR in a short memo titled, The Revival of MakerDAO: Unpacking The MKR Thesis. In the memo, I reduced the MKR thesis to four core pillars:

1. Improved fundamentals – In addition to Maker’s existing revenue sources (i.e., vaults), I made the case that the Direct Deposit Module (D3M) gives Maker an embedded call option on other high yielding assets such as sUSDe. By injecting DAI into external lending pools paired with other high yielding assets (e.g. sUSDe) Maker is able to indirectly capture these yields as borrowers loop their exposure accordingly. Consequently, I made the case that Maker will generate more revenue from the proliferation of USDe than Ethena itself, especially as the percentage of USDe staked climbs in a post-incentives context. With