How to evaluate demand for Maker and DAI
Demand for Maker shows in DAI supply and protocol revenue. Check official Sky dashboards, an Ethereum explorer, and record the date for each metric.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- MKR price alone can move on speculation, not demand.
- The 2024 rebrand changed tickers and data sources.
- Cross-check on-chain data with exchange liquidity.
MakerDAO started on Ethereum and issues DAI, a stablecoin that aims to hold a steady value. The protocol is now called Sky, with USDS as its main stablecoin.
Before you start: what Maker demand means
Demand for Maker shows in DAI supply and protocol revenue. When borrowers lock collateral to create DAI, supply grows, and the protocol earns stability fees. MakerDAO became Sky in 2024, and MKR can be migrated to SKY. USDS is the main stablecoin, while legacy DAI still exists.
Steps to evaluate Maker demand
A single dashboard rarely shows all demand. Use more than one source, and keep the same order every time so your notes are comparable.
- 1Open dashboardsUse the official Sky dashboard and an Ethereum explorer for live supply and transaction data.
- 2Check DAI supplyFind the issued supply of DAI and USDS. Note if the total grows or shrinks over your chosen period.
- 3Review collateralLook at which assets back DAI and USDS. Check the stability fee per collateral type to see borrowing costs.
- 4Check buybacksLook for buyback and liquidity activity in governance records. Review votes on protocol changes, and check trading volume and order book depth on exchanges listing MKR or SKY.
After you check: records and safety
Record the date and source for each demand metric you check. This keeps comparisons honest.
Frequently asked questions
MKR was the governance token for MakerDAO. SKY is now the governance token, and MKR can migrate to SKY.
Borrowers create DAI by locking collateral, so larger supply usually means more borrowing demand. Supply can fall if repayments exceed new loans.
Official Sky dashboards and governance records publish revenue and buyback activity. An Ethereum explorer lets you verify transactions.
Core signals like supply, revenue, collateral, fees, and buybacks remain relevant, with USDS alongside legacy DAI. Older Maker pages can be outdated, so use current Sky sources.
