stkAAVE will soon be risk-free yield, it is powered by $52M in annualized buybacks and Umbrella is live, ready to make users whole in real time. While tail risks on AAVE implode, MORPHO bag holders need to consider hedging...
The tail risk with Morpho no one talks about is how 600 lines of code is the only difference between the Fee Switch going to MORPHO or the Curator's hip pocket. Curators own the relationship with users and most are pre-token.
If that isn't enough, v4 will redefine on-chain lending and that $100M a year in revenue the Aave DAO generates now will make sure of it.
$AAVE continues to outperform $MORPHO on all fronts.
Since last year:
▪️ $AAVE +267%
▪️ $MORPHO +8%
Aave’s FDV is 3.5x higher than Morpho’s, with 95% of its supply circulating versus 32% for Morpho, and 100% unlocked versus only 17%.
If you look at the FDV relative to active loans, Aave is nearly twice as capital efficient as Morpho.
Each $1 of Aave’s FDV supports ~$3.70 of active loans, while for Morpho it’s only ~$1.70.
Even more, Aave is buying back $AAVE with real revenue, while Morpho is buying users through MORPHO emissions — all supported by a low float and high FDV.
And the deeper you look, the more Bullish $AAVE you become 👻👇
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