Charting the State of DeFi: Is Maker too big to fail?

[related id="1"] While the Ethereum community has largely embraced Decentralized Finance (DeFi), volumes — and in turn product fit — have been captured early on by lending use-cases. Within non-custodial lending protocols, it's hard not to acknowledge the predominant presence Maker has in terms of borrowing volumes, ETH posted as collateral, and even the growth in outstanding DAI value relative to other stablecoins:

The volume of assets borrowed via open lending protocols: Compound, Dharma, dYdX and MakerDAO in February decreased 7.1% according to Bloqboard and Loanscan.io. Current aggregate March volumes are on pace to be flat to slightly down vs. February coming in a $14.7 million so far on the month, however both Compound and Dharma have already surpassed their February volumes. Meanwhile, Maker volumes now make up 95% of total asset borrow volumes, up from 90% in Nov.-Jan.