Pro
A Valuation of Morpho
Key Insights
- Morpho’s isolated lending pools provide enhanced flexibility and risk management compared to traditional pooled models like Aave and Compound.
- The protocol's permissionless market creation supports a broader range of collateral types and user risk profiles, expanding its addressable market.
- Morpho's focus on leveraged yield farming and quick integration of yield-bearing assets positions it to capture emerging growth in DeFi.
- Based on projected growth, Morpho’s total TVL is estimated to reach $11 billion by 2026, with an FDV of $2 billion.
Since Morpho recently made its native token, $MORPHO, transferable, we decided to conduct a valuation of the protocol. In this report, we provide a brief overview of Morpho, highlighting how it differentiates itself from existing lending protocols, followed by a walkthrough of our valuation model.
Intro to Morpho
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.
Kinji formerly covered crypto at Morgan Stanley. His primary interests are DeFi, Ponzi's and unstable stablecoins.
Mentioned Assets