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

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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.

© Stacy Murr