MakerDAO vs Ethena TVL

Maker has been around for over 7 years, but in just over a year Ethena has gained more TVL.

Just one month ago Maker had 35% more TVL than Ethena. Now, Ethena has $5.831 billion while Maker has $5.811 billion. (The drop in Maker's TVL for November is a bug, please ignore 🙃).

These protocols may be very different, but they both have decentralized stablecoins. Maker's $DAI used to have the largest marketcap out of all the decentralized stablecoins, but Ethena's $USDe has just beaten it.