Maker's treasury has fallen to a new ATL of $13.5M after a prolonged decline from levels above $190M earlier this cycle.

The trend reflects how much of the protocol's capital structure and revenue model has evolved as assets have been redeployed into other parts of the ecosystem. Large treasury balances once signaled strength, but today's DeFi leaders are increasingly judged by capital efficiency rather than idle reserves.
_
〽️ Crypto Pulse 👉 @degendaoinfo #crypto